How did the Scottish budget affect income tax?
The 2023 Scottish budget announced reasonably substantial changes to the income tax thresholds in Scotland.
The table below outlines the new tax bands that have been proposed for the tax year starting on 6th April 2024.
| Name of Band | Earnings |
How does the 2021 budget affect the lifetime allowance?
The lifetime allowance (LTA) will remain unchanged at £1,073,100.
The chancellor has indicated that he plans to keep the lifetime allowance at this level until April 2026.
The lifetime allowance is the overall amount of pension savings that you can …
How does the 2021 autumn budget affect inheritance tax?
The inheritance tax nil rate band will remain unchanged at £325,000 in tax year 2022/23.
There are many other factors to consider when assessing your liability to inheritance tax. So, it is crucial to take expert advice on inheritance tax …
Happy new tax year
Today (6th April) marks the start of the 2021/22 tax year. This means you can now start to utilise your pension and ISA allowances for tax year 2021/22.
Farrell Financial Planning are in the process of updating our website for …