New Tax Bracket 2024 Scotland

New Tax Bracket 2024 Scotland. The effect, known as ‘fiscal drag’ happens when tax thresholds do not rise with inflation. This will charge a rate of 45% for earnings between £75,001 and £125,140.

Income tax is a tax on money you earn. The budget increased existing bands by inflation, however at the upper end of the pay scale added a new ‘advanced’ tax band and increased tax rates for ‘top’ earners by 1.