The Scottish Budget for 2022/23 was published on 9 December 2021. Tax highlights from the Budget are as follows:-
- Income tax rates will remain unchanged in 2022/23 however the thresholds at which it is paid will increase for lower earners;
- The starter and basic rate income thresholds will increase in line with CPI inflation (3.1 percent);
- The higher rate threshold will be frozen in 2022-23 and remains at 41 percent for earnings between £43,662 and £150,000;
- The 46 percent top rate of tax threshold will also be frozen at £150,000; and
- The land and buildings transaction tax rates and bands will be maintained at their current level.
HMRC has also published its annual reports into income tax in Scotland and Wales:-
These reports details the activity that HMRC carried out in the operation of Scottish and Welsh rates of Income Tax in 2020/21.