[....,,,,..,,..]

Well from next year, Scotland gets the ability to set its own tax rates.

http://www.bbc.co.uk/news/uk-scotlan...itics-35106701

However, with the SNP fully in power, will we see those earning over £40k being caned to support everyone else?

Will we see progressive tax hikes on the higher levels of tax to make those earning money pay for services (likely ones they don't use)?

[Wills2]

They will do nothing with the powers that they have been given, as that will stop them being able to blame Westminster, that's my take.

[Cootie]

What the new powers don't give the SNP - and that they are lobbying for - is the ability to differentiate tax rises across the different bands. For the time being any increase has to be levied equally across basic, higher and additional rate tax bands. That limits their ability to levy punitive rates on those they deem to be high earners, as they would idealogically like.

Rumour is that the SNP's aspiration is to lower the point at which the additional rate tax kicks in to £100k and apply a tax rate of 50% for this band. Thereafter they are also looking at a potential increase of between 2 & 5% for higher rate tax payers.

[Edinburra]

Originally Posted by Brigand

Well from next year, Scotland gets the ability to set its own tax rates.

http://www.bbc.co.uk/news/uk-scotlan...itics-35106701

However, with the SNP fully in power, will we see those earning over £40k being caned to support everyone else?

Will we see progressive tax hikes on the higher levels of tax to make those earning money pay for services (likely ones they don't use)?

The answer to your question, "What is the future for high earners in Scotland?" is Migration.

[Cootie]

Originally Posted by Edinburra

The answer to your question, "What is the future for high earners in Scotland?" is Migration.

Unfortunately I think you may be right

[Mark1966]

Originally Posted by Edinburra

The answer to your question, "What is the future for high earners in Scotland?" is Migration.

The way the SNP are going they are going to drive all 'large business' out of Scotland and the high earners will follow suit. Ideally these businesses will relocate to the North of England and help reduce the current North/South divide.

As far as I am concerned the Scots can't get their independence soon enough

[andrewX3M40d]

this thread is going to be fun

[Zippeh]

Wales will be in the same boat soon enough. Income tax raising powers on their way with an incumbent and likely to be there forever Labour assembly. Doesn't bode well for wealth generation! They love a good tax and spend on a "scheme" to create jobs temporarily, then cut the funding and do try something else!

[JustChris]

Will be watching Wales's situation closely!

Could be back to the ioM and 20% top rate

Could cut my mileage on a PCP back to 6000 mpa too! In fact what am I doing over here!

[....,,,,..,,..]

Originally Posted by Cootie

What the new powers don't give the SNP - and that they are lobbying for - is the ability to differentiate tax rises across the different bands. For the time being any increase has to be levied equally across basic, higher and additional rate tax bands. That limits their ability to levy punitive rates on those they deem to be high earners, as they would idealogically like.

Rumour is that the SNP's aspiration is to lower the point at which the additional rate tax kicks in to £100k and apply a tax rate of 50% for this band. Thereafter they are also looking at a potential increase of between 2 & 5% for higher rate tax payers.

The ability to adjust banding etc is expected 2017, this is when they can then change bands and rates fully.

I can see property in the Borders jumping a bit when they mess with the 40pc rate making it 45pc etc.

They will also want to scrap the other UK stealth taxes for SNP stealth taxes.

[Andrewthefirst]

...

[Tengocity]

Originally Posted by Edinburra

The answer to your question, "What is the future for high earners in Scotland?" is Migration.

Done it already!

Thigh to be honest, if I felt confident about the job security I'd move back in a heart beat, but I just don't in my industry.

Never mind the income tax, they've already created a gulf with stamp duty- about a 10k difference on a 5-600k property!

[Mark1966]

Originally Posted by Tengocity

Done it already!

Thigh to be honest, if I felt confident about the job security I'd move back in a heart beat, but I just don't in my industry.

Never mind the income tax, they've already created a gulf with stamp duty- about a 10k difference on a 5-600k property!

Crikey are there any properties in Scotland worth that much

[Andrewthefirst]

Originally Posted by Mark1966

Crikey are there any properties in Scotland worth that much

Yes 2: Edinburgh castle and Balmoral

[Cootie]

The difference on land tax is crazy. We were looking at moving as an alternative to renovating our house and the land tax would have been almost £50k whereas in the rest of the U.K. It would have been about £27k. Needless to say we haven't moved...

[Tengocity]

Originally Posted by Mark1966

Crikey are there any properties in Scotland worth that much

To be honest you don't want to look at what you can buy for the price of a mediocre box in the south east.... A couple of acres, a stunning view, room for a triple garage. Makes me sick!

[Wills2]

Originally Posted by Mark1966

Crikey are there any properties in Scotland worth that much

Joking aside, it's all the better for having sensible property prices.

[f1swk]

Originally Posted by Mark1966

The way the SNP are going they are going to drive all 'large business' out of Scotland and the high earners will follow suit. Ideally these businesses will relocate to the North of England and help reduce the current North/South divide.

As far as I am concerned the Scots can't get their independence soon enough

the snp have aready driven a lot of buisness out,soon the only industry will be scottish executive funded,taking browns client state plan to new levels.

[ewanmac]

£500-£600k doesn't get you that much in some parts of Scotland eg Edinburgh and Aberdeen (although that may change with current oil price).

I live in Aberdeenshire and a 200sq m house is £500k - £600k in a decent area. Ex colleague of mine moved from a 3 bedroom semi in Aberdeenshire to a 5 bed with a fair bit of land in Lanark. Got £390k for his 3 bed semi and bought his 5 bed for £260!! So there is a huge difference from area to area.

SNP target the central belt left wing voters hence the rhetoric about the new stamp duty only affecting the wealthy. That's bollocks up here.

There is only 18,000 upper rate tax payers in Scotland (£150k plus) so my guess is the SNP will really target this group - I really wouldn't be surprised to see 50%-60% income tax over £150k as it will be a huge vote winner with the left wing weegies while affecting few.

One thing or sure, it's going to get more painful for us Scots

[....,,,,..,,..]

Originally Posted by ewanmac

£500-£600k doesn't get you that much in some parts of Scotland eg Edinburgh and Aberdeen (although that may change with current oil price).

I live in Aberdeenshire and a 200sq m house is £500k - £600k in a decent area. Ex colleague of mine moved from a 3 bedroom semi in Aberdeenshire to a 5 bed with a fair bit of land in Lanark. Got £390k for his 3 bed semi and bought his 5 bed for £260!! So there is a huge difference from area to area.

SNP target the central belt left wing voters hence the rhetoric about the new stamp duty only affecting the wealthy. That's bollocks up here.

There is only 18,000 upper rate tax payers in Scotland (£150k plus) so my guess is the SNP will really target this group - I really wouldn't be surprised to see 50%-60% income tax over £150k as it will be a huge vote winner with the left wing weegies while affecting few.

One thing or sure, it's going to get more painful for us Scots

Unfortunately there is no way that the SNP could support their Citizens Income and the proposed local income tax in leu of council tax.

Since 2007, they have eyed those persons on £35k and upwards, they do t just want to hit mega earners, they want to get those paid above the Scottish national average..

Pretty much those paid over say £30k will be supporting pensioners and the unemployed, more so if you have more than one wage coming in to a household.

The cities will effectively pay for the Highlands and Islands pensioners and inner city unemployed, as it will not be the price of property etc but the amount of personnal income and a quite generous citizens income.

Very much a socialist nirvana is what they are heading to.

[Tengocity]

Originally Posted by Brigand

Pretty much those paid over say £30k will be supporting pensioners and the unemployed, more so if you have more than one wage coming in to a household.

I'm not sure that's any different in England, but it also covers health, defence, education etc etc. so not really sure you're describing anything but how pretty much every developed country works under even just moderately progressive tax system.

The pensioners and "in-work" benefits massively outstrip anything paid to the unemployed btw.

[Wills2]

We need to look after old people! We'll be old too one day.