Devolved Nations Tax rates and thresholds for 2024-25

The draft Budget published on 19 December 2023 provides detail on the government’s financing, taxation and MEG level allocations. It sets out the government’s revenue and capital spending proposals, including detailed portfolio spending plans.

Welsh Budget 2024-25

The Draft Budget sets out strategic and detailed spending plans for revenue and capital, as well as taxation and borrowing.

On 19th December 2023, the Welsh draft budget was announced. The rates of income tax have been proposed as matching the rest of the UK.

Full content can be found here https://www.gov.wales/written-statement-draft-budget-2024-25 and here https://www.gov.wales/draft-budget-2024-2025

Scottish Budget for 2024-25

The Scotland Act 2016 provides the Scottish Parliament with the power to set the income tax rates and bands that apply to Scottish taxpayers’ Non-Savings, Non-Dividend (NSND) income. This excludes setting the Personal Allowance, which remains reserved, and is set by the UK Government at the UK Budget. Therefore, Scottish Income Tax remains part of the existing UK Income Tax system and is not a fully devolved tax.

If you pay Scottish Income Tax, you will have an ‘S’ at the beginning of your tax code. This identifies you as a Scottish taxpayer.

The Scottish Budget for 2024 to 2025 was published on 19^th December 2023.

The tax rates for Scotland have been proposed as:

* Assumes individuals are in receipt of the Standard UK Personal Allowance

** Those earning more than £100,000 will see their Personal Allowance reduced by £1 for every £2 earned over £100,000

https://www.gov.scot/publications/scottish-income-tax-2024-2025-rates-and-bands/

Full content can be found here https://www.gov.scot/budget/