Scotland Implements Income Tax Reforms Including Revised Tax Bands and Rates

The Scottish government has issued a release on income tax reforms with effect from 6 April 2024. This includes the introduction of a new "Advanced Rate" band with a rate of 45% on income over GBP 75,000, as well as a 1% increase in the top rate to 48%:

• GBP 12,571* to GBP 14,876 - 19% Starter Rate
• GBP 14,877 to GBP 26,561 - 20% Basic Rate
• GBP 26,562 to GBP 43,662 - 21% Intermediate Rate
• GBP 43,663 to GBP 75,000 - 42% Higher Rate
• GBP 75,001 to GBP 125,140] - 45% Advanced Rate
• Over GBP 125,14…