Scotland and Wales Determine Own Property Income Tax Rates
What happened
Devolved governments in Scotland and Wales determined their own rates for property income tax. The UK government provided the power for these devolved governments to set their own property income tax rates, separate from UK-wide rates for dividends and savings income. The devolved budgets are scheduled for November 17 in Wales and December 3 in Scotland.
From icaew.com
Why it matters
The ability of Scotland and Wales to set their own property income tax rates allows for fiscal divergence from the rest of the United Kingdom. This change grants the devolved governments new regulatory authority over property income tax, impacting how property is taxed within those nations.
The concept of full fiscal autonomy for Scotland and Wales is being discussed, potentially involving Holyrood and the Green Party of England and Wales.
From icaew.com
Who's involved
- ScotlandDevolved government determining its own property income tax rates
- WalesDevolved government determining its own property income tax rates
- Scottish GovernmentDevolved government of Scotland with new tax rate authority
- SeneddDevolved parliament of Wales with legislative power over tax rates
- EnglandThe UK government whose tax powers are being decentralized
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Scottish GovernmentSpeculative
The Scottish Government might adjust property income tax rates, potentially affecting property investment costs.
- SeneddSpeculative
The Senedd might adjust property income tax rates, potentially affecting property investment costs.
How it developed
Newest first. Tap a step to see who reported it.- The Chancellor increased income tax on property income, which is devolved to Holyrood, raising concerns about rental supply in Scotland.Sub-event
Devolved governments in Scotland and Wales determined their own tax rates.1 source
Keep exploring
The entities involved
-
Scotland
country in north-west Europe, part of the United Kingdom
-
Wales
country in north-west Europe, part of the United Kingdom
Related events
- Analysis of tax rates in Scotland and tax liability estimates for England by the Office for Budget Responsibility.
- The Scottish Government manages fiscal affairs while noting that policies from Westminster affect its tax receipts.
- Fiscal devolution and funding issues affecting Northern Ireland, Wales, and the rest of the UK.
- Robert Jenrick proposes a new tax increase applicable to the tax systems of Wales and Northern Ireland.
- Both the Westminster and Scottish governments addressed the ongoing cost of living crisis.