Money Box
Scottish Budget, Core Maths and Christmas Winners
Jan 20, 2024
Professor Mairi Spowage discusses the Scottish government's budget, including higher taxes for higher earners. The MEI highlights the importance of studying core maths. Tips for saving money in 2024 are shared, along with festive music from the City of Lincoln Band.
24:40
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Quick takeaways
- Higher earners in Scotland will pay more income tax from April, with the top rate increasing from 47% to 48% for those earning over £125,140.
- Core Maths, a subject offered to students aged 16 and older in England, teaches practical mathematics related to personal finance, taxes, and loans, bridging the gap between GCSE and A-level mathematics and enhancing students' financial confidence.
Deep dives
Higher earners in Scotland to pay more income tax from April
The Scottish Government has announced that higher earners in Scotland will have to pay more income tax starting in April. The new advanced rate of income tax will be set at 45 pence and will apply to incomes between £75,000 and £125,140. Additionally, the top rate of tax for those earning over £125,140 a year will increase from 47% to 48%. The Scottish Government believes that those with higher incomes should contribute more to the tax system, while lower-income individuals should pay reduced taxes.
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