The Cabinet Secretary for Finance & Local Government, Shona Robinson delivered the 2024/25 Scottish Budget on 4 December.
This Budget was centred on the following priorities to:
- eradicate child poverty;
- grow the economy;
- tackle the climate emergency; and
- ensure high quality and sustainable public services.
The following measures will be of particular interest to Scotland’s business community:
- Scottish rates of income tax will not be increased and no new bands will be introduced for the remainder of this parliament. From April 2025, the Basic and Intermediate rate thresholds will increase by 3.5%. The Higher, Advanced and Top rate thresholds will be frozen at their current levels.
- Business Rates: The Basic Property Rate will be frozen at 49.8p and a 40% relief will be introduced for hospitality premises liable for the Basic Property Rate, capped at £110,000 per business.
- Rates and bands of residential and non-residential Land & Buildings Transaction Tax (LBTT) will remain at their current levels, although the Additional Dwelling Supplement (ADS) increases from 6% to 8% from 5 December 2024. The increase will not apply to transactions for which legal missives have been signed on or before 4 December.
- Landfill Tax rates will increase from 1 April 2025, in line with those for the rest of the UK.
To review the Scottish Budget in full, see here.
If you would like any help in understanding how the Scottish Budget will affect your business or personal situation, please give us a call at any time and we will be pleased to help you!
