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In an initial response to the Scottish Government's budget for next year, David Phillips, an Associate Director at the Institute for Fiscal Studies said: "The Scottish Government has further raised tax rates on high earners relative to the rest of the UK, continuing a trend of higher, more progressive taxes. The revenues raised - estimated at around £95 million, on top of the £8 million from following the UK government's decision to reduce the threshold at which people start paying the 45p additional rate of income tax - are not to be sniffed at but are small in the context of its budget and cost pressures. [Read Full Article] |
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