Friday’s mini-budget has created quite a “splash” in the tax community and no doubt the debate about the wisdom of this will last for many years.
For those in Scotland, we will have to wait to see how the Scottish Government responds to the changes – the Stamp Duty Land Tax and Income Tax points being devolved.
The tax on dividends is not devolved, but tax on earned income is, creating profoundly different tax outcomes for earned income vs dividends for private company owners (if the top rate remains in place in Scotland).
However, our summary of the main announcements can be found here – Click this link here – Sept 22 Mini Budget Summary
Please contact your regular Milne Craig contact, or any one of the tax department, with any questions.
The Directors, Milne Craig