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Direct taxes

Scottish Finance Secretary Shona Robison set out the following key tax announcements in her Budget on 4 December 2024:

1. •

   Scottish income tax ― for 2025–26 the higher, advanced and top rate thresholds will be maintained at £43,662, £75,000 and £125,140 respectively. The thresholds at which taxpayers pay the basic rate and intermediate rate will be increased to £15,397 and £27,492 respectively.

2. •

   land and buildings transaction tax (LBTT) ― residential and non-residential rates and bands will be maintained at their current level. The additional dwelling supplement (ADS) will increase from 6% to 8% with effect from 5 December 2024 (see SSI 2024/367), but will not apply to transactions for which legal missives have been signed on or before 4 December.

   The Government will conduct a review of LBTT in Spring 2025. This will consider the ADS and ‘exceptional circumstances’, relief from LBTT on the exchange of units within co-ownership authorised contractual schemes (CoACS) investing in Scottish property, and relief for the seeding of properties from existing unauthorised investment vehicles into property