Ciot

Tax increases on higher earners in Scotland have entrenched the divergence in income tax regimes north and south of the border, financial experts have said. John Swinney, the deputy first minister and interim finance secretary, yesterday announced an increase in the higher and top rates of income ta

Scottish taxpayers could see the amount they pay in tax go up after the Scottish government publishes its income tax plans in December. Chancellor Jeremy Hunt yesterday used his first Autumn Statement to announce a number of measures aimed at raising an additional £25 billion in tax revenue..

The Chartered Institute of Taxation (CIOT) has responded to the Chancellor’s announcement last week, that the UK basic rate of income tax will be reduced to 19p and the UK additional rate of income tax abolished from April 2023. These changes will not apply to Scotland, where the power to set

Scottish accountancy firms and financial regulatory bodies have responded to Chancellor Rishi Sunak's Spring Statement announced yesterday. The Chancellor cut fuel duty by 5p per litre, which came into force from 6pm last night and will last until March next year. He also announced that the income t

Revenue Scotland should have powers to waive a second homes tax in exceptional circumstances and the time available for eligible house buyers to claim a tax rebate when they buy a new main home but their old one is still on the market should be doubled. They are among suggestions put forward by the

The Chartered Institute of Taxation (CIOT) has warned MPs that a lack of clarity around the purpose of legislation creating a register of overseas entities owning UK property could leave many people disappointed that it will not achieve what they expect it to. Legislation creating the register appea

The Edinburgh Tax Network and Chartered Institute of Taxation invite you to join Scottish Government officials and David Phillips from the Institute for Fiscal Studies for an update on developments in devolved taxation. The event will take place on Thursday 10th March 2022 at the Mackenzie Building,

Former Prime Minister and Chancellor of the Exchequer Gordon Brown has been honoured for his outstanding contribution to the field of taxation by the Chartered Institute of Taxation (CIOT). Mr Brown has been awarded an Honorary Fellowship of the Institute. This award is a mark of excellence bestowed

Accountancy firms Johnston Carmichael, PwC, EY and KPMG, have responded to the 2022-2013 Scottish Budget announced by finance secretary Kate Forbes yesterday.  The finance secretary stated that ending Scotland’s contribution to climate change, tackling inequalities and investing in the ec

The Scottish Government should use next month’s Budget to accelerate their ambition to reform Council Tax if it is going to happen by the time of the next Scottish election, according to the Chartered Institute of Taxation (CIOT). The CIOT has responded to a Scottish Government consultati

‘Tax Gap’ figures published today by the Chartered Institute of Taxation (CIOT) have revealed the gap increasing in both absolute terms and as a share of the tax that should be collected, after five years when the latter figure fell. The tax gap is the difference between the amount of ta

Scottish taxpayers will be worse off under UK government plans to increase National Insurance than those in the rest of the UK, the Chartered Institute of Taxation (CIOT) has said. Prime Minister Boris Johnson announced this week that rates of National Insurance will increase by 1.25 per cent from A

The Chartered Institute of Taxation (CIOT) has called for greater clarity on plans to devolve air passenger duty (APD) to the Scottish Parliament amid divergent UK and Scottish government attitudes to the tax. The UK government has proposed reducing the amount of APD paid on domestic flights to boos

The Chartered Institute of Taxation (CIOT) and The Institute of Chartered Accountants of Scotland (ICAS) are calling on Scotland’s political parties to improve public awareness of devolved taxation in the next Scottish Parliament, as a new poll shows that a third of Scots are unaware that the

The Scottish business community has largely welcomed Chancellor Rishi Sunak's 'Budget for recovery' which extended the furlough scheme, froze income tax rates for five years and increased corporation tax to 25%. The Chancellor announced that the increase in corporation tax would not take effect