SPRING STATEMENT l 23 March 2022 10 Scottish income tax rates and bands The Scottish Budget on 9 December 2021 set new thresholds for the devolved Scottish tax rates. Scottish taxpayers’ non-dividend, non-savings income 2022/23 2021/22 19% starter rate on taxable income up to £2,162 £2,097 20% basic rate on next slice up to £13,118 £12,726 21% intermediate rate on next slice up to £31,092 £31,092 41% higher rate on next slice up to £150,000 £150,000 46% top rate on income over £150,000 £150,000 Registered pensions 2022/23 2021/22 Lifetime allowance £1,073,100 £1,073,100 Money purchase annual allowance £4,000 £4,000 Annual allowance 1 £40,000 £40,000 Annual allowance charge on excess Applicable tax rate on earnings Lifetime allowance charge if excess is drawn As cash 55%; as income 25% Max. pension commencement lump sum 25% of pension benefit value 1. Reduced by £1 for every £2 of adjusted income over £240,000 to a minimum of £4,000, subject to threshold income being over £200,000. Tax incentivised investments 2022/23 2021/22 Total Individual Savings Account (ISA) limit, excluding Junior ISAs (JISAs) £20,000 £20,000 Lifetime ISA £4,000 £4,000 JISA and Child Trust Fund £9,000 £9,000 Venture Capital Trust (VCT) at 30% £200,000 £200,000 Enterprise Investment Scheme (EIS) at 30% 2 £2,000,000 £2,000,000 EIS eligible for CGT deferral relief No limit No limit Seed Enterprise Investment Scheme (SEIS) at 50% £100,000 £100,000 SEIS CGT reinvestment relief 50% 50% 2. Above £1,000,000 investment must be in knowledge-intensive companies.
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