HMRC has published a note providing confirmation on how the government will preserve the rates of relief on various tax reliefs for individuals in Scotland following the introduction of new Scottish income tax rates and bands in April 2018.
HMRC has published a note providing confirmation on how the government will preserve the rates of relief on various tax reliefs for individuals in Scotland following the introduction of new Scottish income tax rates and bands in April 2018.
The reliefs include marriage allowance, gift aid, pensions relief at source, state pension lump sums, and landlords’ finance costs.
Finance cost relief for landlords will continue to apply at 20%, despite the new Scottish rates.
In the case of pensions relief at source, HMRC is continuing discussions on how this will work in the long term, but for 2018/19, Scottish taxpayers will continue to receive relief at 20%, with no adjustment for those taxed at a rate of less than 20%, and scope for those taxed at a rate higher than 20% to claim additional relief.
HMRC has published a note providing confirmation on how the government will preserve the rates of relief on various tax reliefs for individuals in Scotland following the introduction of new Scottish income tax rates and bands in April 2018.
HMRC has published a note providing confirmation on how the government will preserve the rates of relief on various tax reliefs for individuals in Scotland following the introduction of new Scottish income tax rates and bands in April 2018.
The reliefs include marriage allowance, gift aid, pensions relief at source, state pension lump sums, and landlords’ finance costs.
Finance cost relief for landlords will continue to apply at 20%, despite the new Scottish rates.
In the case of pensions relief at source, HMRC is continuing discussions on how this will work in the long term, but for 2018/19, Scottish taxpayers will continue to receive relief at 20%, with no adjustment for those taxed at a rate of less than 20%, and scope for those taxed at a rate higher than 20% to claim additional relief.
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