Autumn Budget – How will it affect you?

Follow the link below to the BBC website that shows an Autumn budget calculator:

http://www.bbc.co.uk/news/business-17442946

Further reports on the Autumn Budget from the BBC news shows:

“The Scottish budget includes major changes to Scotland’s income tax rates and bands. This will see middle and high earners pay more and lower earners pay less.
The minority SNP government struck a deal with the Scottish Greens last month. That will give them enough votes to pass the budget.
The deal agreed with the Greens will see the party’s six MSPs support the budget in return for a package which includes £170m more for local councils.”

“The most significant change is the move to a five-band income tax system.
Scotland currently has three income tax bands – a 20p basic rate, a 40p higher rate kicking in at £43,001 and a 45p additional rate for earnings over £150,000.
The budget redraws the system by adding a 19p “starter” rate and a 21p intermediate rate. Adding 1p to the higher and additional rates to create a five-band system.”

Credit: BBC News