The Chartered Institute of Taxation (CIOT) has confirmed that it has renewed its request for the introduction of an annual Scottish Finance Bill.
The CIOT recommended the introduction in May last year suggesting that it could improve scrutiny of devolved tax legislation. The CIOT has now renewed its request given the increased complexity for Scottish taxpayers resulting from the move to a five-band income tax regime which supposedly received limited parliamentary scrutiny. The five-band system is supposed to cut bills for lower earners but raise them for others.
Changes will need to be made to UK legislation in the six-week period between Holyrood setting tax rates and the start of the new tax year. The changes are to include amendments to ensure that taxpayers with relief at source pension arrangements still benefit from the correct amount of relief on their pension contributions whilst ensuring that starter and intermediate rate taxpayers continue to benefit from marriage allowance.
You can read the full CIOT release here.
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