Wired-GOV Newswire (news from other organisations)
Budget – key points for Scotland
Scottish Secretary David Mundell: this is a very good Budget for Scotland - it shows the UK Government has listened and delivered.
Commenting on today’s Budget, Scottish Secretary David Mundell said:
”We have responded to the crisis in the oil and gas industry with a major package of measures worth £1 billion to the sector. That’s on top of the £1.3billion of support previously announced in last year’s Budget and the £250 million Aberdeen City Deal. This will help protect jobs and the long-term future of the North East.
There will be an additional £650 million available to the Scottish Government through the Barnett formula, as a result of action the UK Government is taking on education and business rates in England. This, along with the power to set income tax rates and thresholds which the Scotland Bill delivers, will allow the Scottish Government to invest more in schools and hospitals in Scotland if it chooses to.
The freeze in fuel duty and on spirit duty for Scotch whisky is good news particularly for rural Scotland – and the whisky and gin industries in particular. The good progress being made on both the Inverness and Edinburgh City Deals shows that we are working hard for all parts of Scotland.
This is a historic Budget for Scotland because from next year, the Scottish Government will set income tax rates and thresholds for Scottish taxpayers. The Chancellor has given it an excellent platform from which to take up its new responsibilities.
It is now for the Scottish parties to set out to the people of Scotland what their plans are for the new powers and what that will mean for Scottish taxpayers.”
Oil and Gas:
The UK Government has announced a £1 billion package to support the oil and gas industry.
This includes the zero-rating of Petroleum Revenue Tax (from 35 per cent to 0 per cent) and cutting the Supplementary Charge from 20 per cent to 10 per cent.
The UK Government will provide a further £20 million of funding for a second round of seismic surveys in 2016/17.
The personal allowance will increase to £11,500 in 2017-18 - a £500 increase.
The higher rate threshold will increase to £45,000 in 2017-18 - a £2,000 increase.
By 2016-17, 2.6 million individuals in Scotland will gain £86 and a total of 60,000 individuals will have been removed from income tax altogether, compared to 2015-16. By 2017-18, 2.6 million individuals in Scotland will gain by £164 and a total of 113,000 individuals will have been removed from tax altogether, compared to 2015-16.
The change announced in the Budget to the higher rate threshold will come into force in April 2017, the same point at which the devolution of further income tax powers to the Scottish Parliament will take place. From this date onwards it will be for the Scottish Government to set the rates and thresholds for main income. As a result, the UK Government change to the higher rate threshold in April 2017 will not apply to the main income of Scottish higher rate taxpayers. It will be for the Scottish Government to decide whether Scottish taxpayers should benefit from lower taxes from April 2017 onwards.
The Budget delivers a tax cut for 73,000 Scottish businesses thanks to the decision to reduce Corporation Tax to 17 per cent in 2020-21.
The duty on Scotch whisky will be frozen this year to continue the UK Government’s support for this great British success story. That will also mean a freeze on duty on gin – a growing export market for Scottish distillers.
The UK Government will open discussions with local partners and the Scottish Government towards an Edinburgh and South East Scotland Region city deal. The UK Government is also continuing discussions with the Scottish Government and local partners and making good progress towards a City Deal for Inverness. These will build on the existing City Deals for Aberdeen and Glasgow.
Motorists - especially those in rural parts of Scotland - will benefit from a freeze in Fuel Duty.
There will be £5 million for the new V&A Museum of Design in Dundee.
The Scottish Government’s allocation will increase by more than £658 million over the next four years, compared to the allocations set out at the Spending Review.
By retaining the Barnett Formula, decisions taken in England to prioritise frontline services, particularly in schools and to support enterprise through the business rate system mean that Scotland receives an extra allocation of £658 million.
|Total DELL**||28.8 (28.8)||29.3 (29.3)||29.7 (29.5)||29.8 (29.6)||30.1 (29.8)|
**November Spending Review figures in brackets
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