Devolved Tax and Spending Forecasts
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Autumn Budget
Autumn Budget November 2017 Helping you understand how proposed changes might impact you or your business jcca.co.uk jcca.co.uk Contents Your Core Budget Team 3 Foreword by Susie Walker 4 Personal Tax 5 Tax Administration 7 Stamp Duty Land Tax (SDLT) – First time buyers 8 Capital Gains Tax (CGT) 9 Taxation of Trusts 10 Corporate Tax 11 Business Rates 12 Entrepreneurial Taxes 13 Indirect Taxes 13 Employment Taxes 15 Research and Development (R&D) Tax Credits 17 Capital Allowances 17 International Tax 18 A Sector Snapshot 19 Scottish Taxes 20 Your Local Tax Contacts 21 Johnston Carmichael Wealth 22 Appendix 1: UK Rates and Allowances 23 2 Autumn Budget 2017 jcca.co.uk Your Core Budget Team Susie Walker Peter Young Head of Tax Head of Private Client Tax 0131 220 2203 0131 220 2203 [email protected] [email protected] Craig Hendry John McAuslin Managing Director Partner - Corporate Tax Johnston Carmichael Wealth 0141 222 5800 01224 259373 [email protected] [email protected] David Ward Alex Docherty Partner - R&D Partner - Private Client Tax 0131 220 2203 0131 220 2203 [email protected] [email protected] Callum Wilson Paul Cochrane Partner - International Tax Director - VAT 01224 212222 0141 222 5800 [email protected] [email protected] Stuart Thomson Andrew Holloway Director - Corporate Tax Senior Manager - 0131 220 2203 Entrepreneurial Tax [email protected] 0131 220 2203 [email protected] Chris Campbell Senior Manager – Employer Solutions 01343 547492 [email protected] 3 Autumn Budget 2017 jcca.co.uk Foreword by Susie Walker In the Autumn Budget, Chancellor Philip Hammond delivered his Government’s plans to build a Britain that is fit for the future and future- proofed, post Brexit. -
Air Departure Tax (Scotland) Bill (SP Bill 3A) As Amended at Stage 2
This document relates to the Air Departure Tax (Scotland) Bill (SP Bill 3A) as amended at Stage 2 Air Departure Tax (Scotland) Bill [As Amended at Stage 2] —————————— Revised Explanatory Notes Introduction 1. As required under Rule 9.7.8A of the Parliament’s Standing Orders, these revised Explanatory Notes are published to accompany the Air Departure Tax (Scotland) Bill (which was introduced in the Scottish Parliament on 19 December 2016) as amended at Stage 2. Text has been added or amended as necessary to reflect amendments made to the Bill at Stage 2 and these changes are indicated by sidelining in the right margin. 2. These Revised Explanatory Notes have been prepared by the Scottish Government in order to assist the reader of the Bill and to help inform debate on it. They do not form part of the Bill and have not been endorsed by the Parliament. 3. The Notes should be read in conjunction with the Bill. They are not, and are not meant to be, a comprehensive description of the Bill. So where a section or schedule, or a part of a section or schedule, does not seem to require any explanation or comment, none is given. Background 4. The Bill is being brought forward as a consequence of measures enacted in the Scotland Act 20161 (“the 2016 Act”), which received Royal Assent on 23 March 2016. Under the terms of sections 17 and 19 of the 2016 Act, the Scottish Parliament will have responsibility for taxes charged on the carriage of passengers by air from airports in Scotland. -
A Scottish Approach to Taxation - CIOT/ ATT Members Survey
A Scottish Approach to Taxation - CIOT/ ATT members survey The Scottish Government has committed itself to a tax system that adheres to Adam Smith’s four principles. Do you agree with the four principles that tax policy should: Response Answer Options Yes No Undecided No comment Count Be proportionate to the ability to pay 135 11 19 0 165 Provide certainty to the taxpayer 162 0 3 0 165 Provide convenience / ease of payment 160 2 2 1 165 Be efficient 160 0 2 2 164 If you wish, you may provide further comments e.g. the reasons why you agree or disagree with a particular principle. 27 answered question 165 skipped question 0 The Scottish Government has committed itself to a tax system that adheres to Adam Smith’s four principles. Do you agree with the four principles that tax policy should: 180 160 140 120 Yes 100 No Undecided 80 No comment 60 40 20 0 Be proportionate to Provide certainty to Provide Be efficient the ability to pay the taxpayer convenience / ease of payment A Scottish Approach to Taxation - CIOT/ ATT members survey Do you think the Scottish Government can achieve a taxation system underpinned by Adam Smith’s four principles? Response Response Answer Options Percent Count Yes 24.1% 39 No 34.0% 55 Undecided 40.7% 66 No comment 1.2% 2 If you answered ‘yes’, please explain how you think this might best be 65 answered question 162 skipped question 3 Do you think the Scottish Government can achieve a taxation system underpinned by Adam Smith’s four principles? Yes No Undecided No comment A Scottish Approach to Taxation - CIOT/ ATT members survey Are there any other principles you think that the Scottish taxation system should adhere to? Response Answer Options Count 82 answered question 82 skipped question 83 A Scottish Approach to Taxation - CIOT/ ATT members survey Council Tax – Council Tax has been devolved to Scotland since 1993, and local authorities have the power to set its level. -
The Tax Implications of Scottish Independence Or Further Devolution
THE TAX IMPLICATIONS OF SCOttISH INDEPENDENCE OR FURTHER DEVOLUTION Jane Frecknall-Hughes Simon James Rosemarie McIlwhan THE TAX IMPLICATIONS OF SCOTTISH INDEPENDENCE OR FURTHER DEVOLUTION by Jane Frecknall-Hughes Simon James Rosemarie McIlwhan Published by CA House 21 Haymarket Yards Edinburgh EH12 5BH First published 2014 © 2014 ISBN 978-1-909883-06-2 EAN 9781909883062 This report is published for the Research Committee of ICAS. The views expressed in this report are those of the authors and do not necessarily represent the views of the Council of ICAS or the Research Committee. No responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication can be accepted by the authors or publisher. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopy, recording or otherwise, without prior permission of the publisher. Printed and bound in Great Britain by TJ International CONTENTS Foreword ............................................................................................................................ 1 Acknowledgements .......................................................................................................... 3 Executive summary .......................................................................................................... 5 1. Introduction ................................................................................................................... -
Management Costs 2018
MANAGEMENT COSTS HOW THE EXPENSE OF SCOTTISH FISHERIES MANAGEMENT CAN BE SUSTAINABLY FUNDED Written by: Griffin Carpenter and Charles Millar SIFT is a Scottish Charitable Company Limited by Guarantee (No. 399582) registered Scottish charity (No.SC042334). NEF is a registered charity in England & Wales (No. 1055254). © 2018 Sustainable Inshore Fisheries Trust and the New Economics Foundation 1 Management Costs CONTENTS Management Costs ............................................................................................................ 1 Contents .............................................................................................................................. 1 Section 1: Introduction .................................................................................................... 2 Section 2: Recovery of management costs ..................................................................... 4 Section 3: Resource rent and externalities ................................................................... 10 Section 4: Impacts of charges........................................................................................ 13 Section 5: Policy options for cost recovery in Scottish fisheries management ......... 19 Section 6: Charges in other Scottish resource industries ........................................... 23 Section 7: Discussion ..................................................................................................... 27 Section 8: Conclusions and proposals ........................................................................ -
Essays on the Political Economy of Decentralization
Essays on the Political Economy of Decentralization By Ed Gareth Poole A thesis submitted to the Department of Government of the London School of Economics and Political Science for the degree of Doctor of Philosophy London, England July 2017 Declaration I certify that the thesis I have presented for examination for the MPhil/PhD degree of the London School of Economics and Political Science is solely my own work other than where I have clearly indicated that it is the work of others (in which case the extent of any work carried out jointly by me and any other person is clearly identified in it). The copyright of this thesis rests with the author. Quotation from it is permitted, provided that full acknowledgement is made. This thesis may not be reproduced without my prior written consent. I warrant that this authorization does not, to the best of my belief, infringe the rights of any third party. I declare that my thesis consists of 64,174 words. 2 Abstract This thesis consists of three papers that make a distinctive contribution to the study of decentralization in the areas of fiscal policy, legislative behavior and government responsiveness. The first paper revisits theories of substate tax policy that usually draw on evidence from stable federations. Investigating fiscal decentralization reforms in four European countries subject to intense center-periphery territorial competition, I find that incentives operating in such systems generate a paradox whereby prominent autonomist regions are among the least likely to make proactive changes after decentralization. I theorize this as the best response to central government attempts at blame-shifting by locking regions into making controversial policy changes. -
Country and Regional Public Sector Finances: Methodology Guide
Country and regional public sector finances: methodology guide A guide to the methodologies used to produce the experimental country and regional public sector finances statistics. Contact: Release date: Next release: Oliver Mann 21 May 2021 To be announced [email protected]. uk +44 (0)1633 456599 Table of contents 1. Introduction 2. Experimental Statistics 3. Public sector and public sector finances statistics 4. Devolution 5. Country and regional public sector finances apportionment methods 6. Income Tax 7. National Insurance Contributions 8. Corporation Tax (onshore) 9. Corporation Tax (offshore) and Petroleum Revenue Tax 10. Value Added Tax 11. Capital Gains Tax 12. Fuel Duties 13. Stamp Tax on shares 14. Tobacco Duties 15. Beer Duties 16. Cider Duties 17. Wine Duties Page 1 of 41 18. Spirits Duty 19. Vehicle Excise Duty 20. Air Passenger Duty 21. Insurance Premium Tax 22. Climate Change Levy 23. Environmental levies 24. Betting and gaming duties 25. Landfill Tax, Scottish Landfill Tax and Landfill Disposals Tax 26. Aggregates Levy 27. Bank Levy 28. Stamp Duty Land Tax, Land and Buildings Transaction Tax, and Land Transaction Tax 29. Inheritance Tax 30. Council Tax and Northern Ireland District Domestic Rates 31. Non-domestic Rates and Northern Ireland Regional Domestic Rates 32. Gross operating surplus 33. Interest and dividends 34. Rent and other current transfers 35. Other taxes 36. Expenditure methodology 37. Annex A : Main terms Page 2 of 41 1 . Introduction Statistics on public finances, such as public sector revenue, expenditure and debt, are used by the government, media and wider user community to monitor progress against fiscal targets. -
Government Expenditure & Revenue Scotland 2018-19
GOVERNMENT EXPENDITURE & REVENUE SCOTLAND 2018-19 AUGUST 2019 CONTENTS Summary 2 Preface 9 Chapter 1 Public Sector Revenue 12 Chapter 2 North Sea Revenue 21 Chapter 3 Public Sector Expenditure 25 Chapter 4 Devolved Revenue and Expenditure 39 Annex A Supplementary Tables 46 Annex B Revisions 54 Annex C List of Abbreviations 62 Annex D Glossary 63 Government Expenditure and Revenue Scotland 2018-19 1 SUMMARY Introduction • Government Expenditure and Revenue Scotland (GERS) addresses three questions about Scotland’s public sector finances under the current constitutional arrangements: • What revenues were raised in Scotland? • How much did the country pay for the public services that were consumed? • To what extent did the revenues raised cover the costs of these public services? • GERS is a National Statistics publication. It is assessed by the independent UK Statistics Authority to ensure that it meets the Code of Practice for Statistics. • The estimates in GERS are consistent with the UK Public Sector Finances published in July 2019 by the Office for National Statistics (ONS). Feedback from users of the publication is welcome. A correspondence address is available in the back leaf of the publication. Comments can be emailed to [email protected]. Scotland’s Overall Fiscal Position • GERS provides two measures of Scotland’s fiscal position, the net fiscal balance and the current budget balance. • The net fiscal balance measures the difference between total public sector expenditure and public sector revenue. It therefore includes public sector capital investment, such as the construction of roads, hospitals, and schools, which yields benefits not just to current taxpayers but also to future taxpayers. -
Welsh Taxes Outlook
Budget Responsibility Welsh taxes outlook December 2019 Contents Chapter 1 Introduction........................................................................................... 1 Fiscal devolution in Wales.................................................................. 1 The OBR’s role in forecasting Welsh tax revenue ................................. 2 Our approach to fiscal forecasting ..................................................... 6 Policy costings ................................................................................... 8 Dealing with uncertainty .................................................................. 13 Evaluating our forecasts .................................................................. 15 Forecast timetable ........................................................................... 17 Structure of the document ................................................................ 18 Chapter 2 Welsh rates of income tax .................................................................... 19 What are the ‘Welsh rates of income tax’? ........................................ 19 Methodology .................................................................................. 21 Latest forecast ................................................................................. 30 Key uncertainties ............................................................................. 32 Chapter 3 Land transaction tax ............................................................................ 35 Introduction ................................................................................... -
Devolved Taxes Accounts and Took a Substantive Approach \ Enquiries and Penalties; for the Devolved Taxes
DEVOLVED TAXES ACCOUNT Revenue Scotland Annual Report and Accounts for the year ended 31 March 2020 Annual Report Devolved Taxes Account 2 and Accounts Revenue Scotland is a Non-Ministerial Office of the Scottish Administration Laid before the Scottish Parliament by Revenue Scotland in pursuance of the Revenue Scotland and Tax Powers Act 2014 on 25 November 2020 Annual accounts authorised for issue on 20 November 2020 Published by Revenue Scotland 2020 © Crown Copyright 2020 You may use and re-use the information featured on this website (not including logos) free of charge in any format or medium, under the terms of the Open Government License v 3.0. Any enquiries regarding the use and re-use of this information resource should be sent to us at: [email protected] Revenue Scotland PO BOX 24068 Victoria Quay Edinburgh EH6 9BR RS/2020/01 Annual Report Devolved Taxes Account Contents 3 and Accounts Contents Foreword 4 Accountability Report 2019-20 6 Independent Auditor’s Report 16 Devolved Taxes Account 2019-20: Financial Statements 20 Statement of Revenue and Expenditure 20 Statement of Financial Position 21 Statement of Cash Flows 22 Notes to the Accounts 23 Accounts Direction 39 Annual Report Devolved Taxes Account Foreword 4 and Accounts Foreword Welcome to the Revenue Scotland Annual Report and Accounts for the Devolved Taxes for 2019-20. This is the fifth reporting year since the organisation began its operational activity in April 2015, and also the second reporting period of Revenue Scotland’s 2018-21 corporate planning period. Revenue Scotland is responsible for the The Scottish Fiscal Commission is responsible collection and management of Scotland’s for providing independent forecasts of tax devolved taxes – currently Land and Buildings revenues in line with the Fiscal Framework1. -
Foundation Scottish Policy
Scottish Policy Foundation Scotland’s tax powers Economic Commentary April 2018 Vol 41 No 3 Scottish Policy Foundation Scotland’s tax powers Tax revenues which are devolved to the Scottish Parliament – and over which the Scottish Parliament has substantial control – now account for almost half of the Scottish Government’s day-to-day budget. Decisions on tax influence not only the resources available to fund government spending, but can also be used to influence the behaviour of individuals and businesses in Scotland. This note summarises some of the recent changes to Scotland’s devolved taxes, and highlights some areas for policy research. The Scottish Policy Foundation’s model of the Scottish economy can be used to examine the wide economic effects of the changes in the devolved fiscal policy. Here we illustrate the use of the model with the simple increase of the income tax. Introduction Until 2014, only two taxes were controlled within Scotland: Council Tax and Non-Domestic Rates (often known as Business Rates). The vast majority of the Scottish Budget was determined by a block grant from Westminster – which in turn, was operated by the Barnett Formula. Following the Calman Commission, Stamp Duty on property transactions and landfill tax were transferred to Holyrood in 2015 alongside a partial transfer of income tax the following year. A new tax to replace Stamp Duty was created, the Land and Buildings Transactions Tax (LBTT). The partial devolution of income tax was only operational for one year – 2016/17. This was because the 2014 Smith Commission recommended that income tax revenues levied on ‘non-savings, non-dividend’ income should be transferred in full to the Scottish Parliament, with MSPs having the ability to vary rates and bands without constraint, and this full transfer of income tax revenues took place in 2017/18. -
Download Tax Card
TAX CARD Redford & Co First Floor 64 Baker Street London W1U 7GB 0207 224 2444 [email protected] www.redford.co.uk TAXABLE INCOME BANDS AND TAX RATES 2018/19 2017/18 Starting rate* of 0% £5,000 £5,000 on savings up to Basic rate band £34,500 £33,500 Higher rate band £34,501 – £150,000 £33,501 – £150,000 Additional rate band Over £150,000 Over £150,000 Basic rate 20% 20% Higher rate 40% 40% Additional rate 45% 45% Dividend ordinary rate 7.5% 7.5% Dividend upper rate 32.5% 32.5% Dividend additional rate 38.1% 38.1% * The starting rate does not apply if taxable income exceeds the starting rate limit. Income tax in Scotland 2018/19 2017/18 2018/19 2017/18 rates rates Starter rate £2,000* 19% band Basic rate £2,001 – 20% £31,500 20% band £12,150 Intermediate £12,151 – 21% rate band £31,580 Higher rate £31,581 – £31,501 – 41% 40% band £150,000 £150,000 Top/additional Above Above 46% 45% rate band £150,000 £150,000 * Assumes individuals are in receipt of the personal allowance. Allowances that reduce taxable income or are not taxable 2018/19 2017/18 Personal allowance* £11,850 £11,500 Personal Basic rate taxpayer £1,000 £1,000 savings Higher rate taxpayer £500 £500 allowance Additional rate taxpayer £0 £0 Dividend allowance at 0% £2,000 £5,000 Marriage/civil partner transferable allowance** £1,185 £1,150 Trading allowance and property £1,000 £1,000 allowance each*** Rent a room allowance £7,500 £7,500 Blind person’s allowance £2,390 £2,320 * The personal allowance is reduced by £1 for each £2 of income from £100,000 to £123,700 (2017/18, £123,000).