Scots urged to check first payslip after start of new financial year for tax code error
dailyrecord.co.ukThe Scottish Government is urging people to check that the tax code on their first payslip after April 6 is correct, as we are now in the new 2023/24 financial year.
Changes to income tax have now come into force that are estimated to raise more than half a billion pounds of additional revenue to support vital public services across the country.The tax rates for earnings between £12,571 and £43,662 remain the same while earnings above £43,663 are now taxed at the Higher tax rate of 42 per cent.
The threshold at which people pay the Top Rate of tax has reduced from £150,000 to £125,140 with earnings over that threshold now taxed at 47 per cent.The Scottish Fiscal Commission predicts these changes will raise £129 million in 2023-24.
The Higher Rate threshold will also remain at its 2022-23 level, applying to earnings over £43,662, which will increase revenue by a further £390million when compared to uprating the threshold by inflation, according to Scottish Government estimates.Deputy First Minister Shona Robison said: “The decisions we have made on income tax are fair and progressive by ensuring that those who can, contribute more.
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