This note presents a set of ready reckoners which show the estimated revenue impact of illustrative changes to Scottish Income Tax policy in 2022-23. These are intended to assist researchers and policymakers, improve transparency and facilitate public understanding in this area. The note complements similar publications by HMRC and the Welsh Government[1] and updates the ready reckoners presented in our 2017 publication The Role of Income Tax in Scotland's Budget and following the 2021-22 Scottish Budget.[2]
The ready reckoners only show the direct impact on Scottish Income Tax liabilities and do not include any wider effects on the Scottish economy, other devolved or local receipts, or UK Government revenues. They do, however, factor in taxpayers' behavioural responses, such as decisions whether to work or not; how many hours to work; whether to incorporate and pay business related taxes; or whether to re-locate to or from other parts of the UK or the world.
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The Income Tax ready reckoners provide an order of magnitude of how much revenue could be raised in addition to the existing policy for 2022-23, by varying each of the components for which the Scottish Parliament has devolved powers. They can be used to understand the impacts of tax policy proposals in terms of the additional cost or benefit to the Scottish Budget:
Tax receipts depend on a number of key economic variables, most importantly growth in the working-age population, earnings and employment. The estimates in the table are consistent with the latest economic forecasts by the SFC from December 2021. The responsibility for forecasting Scottish Income Tax receipts, including policy costings for official Government policies, lies with the SFC. While the above ready reckoners have been produced in line with the SFC's general framework and assumptions for policy costings[5], in practice the SFC costs policies on a case by case basis, taking into account the details of each individual policy and the wider economic context. The ready reckoners in the table should therefore be used to provide only an indication of the revenue impacts, as the SFC's final policy costings could be different.
The ready reckoners are estimated using the Scottish Government's internal Income Tax model, which is closely aligned with the SFC's forecasting model and runs on 2018-19 data from HMRC's Survey of Personal Incomes (SPI). The SPI comprises a detailed sample of over 40,000 anonymised Scottish tax records, which are weighted to be representative of all Scottish taxpayers.
All ready reckoners show the impact of illustrative changes over a counterfactual, or baseline forecast,which assumes that Income Tax thresholds and bands for 2022-23 increase in line with September 2021 CPI inflation (3.1%), except for the Higher Rate and Top Rate Thresholds which remain fixed at 43,662 and 150,000 respectively. This pre-measures forecast is consistent with the SFC's published forecast at the Scottish Budget on 9 December 2021. The tax parameters in the baseline forecast are summarised overleaf.
Following the SFC's methodology, the ready reckoners are built up in two steps. Firstly, we identify and estimate the number of taxpayers affected by the policy change and compare their tax liability before and after the tax change, assuming there is no behavioural response. This is called a static estimate.
The ready reckoner is designed to help staff understand the benefits they are building up in the scheme and their annual allowance liability. We have produced a checklist for employers and a checklist for staff to use alongside the tool.
The ready reckoner will provide members of the NHS Pension Scheme with a broad insight into their AA position, including whether or not the tapered AA may apply to their circumstances. It will also provide an estimated breakdown of the total annual cost of scheme membership and estimate how much their NHS pension is projected to increase by. The ready reckoner looks at the 2023/24 tax year only.
After completing the ready reckoner, staff can download and save a summary of their results, which can be used to discuss potential annual allowance problems with their employer or financial advisor, if required.
Members of staff - before accessing the ready reckoner please read the staff checklist on this page below. This informs you of the important pieces of information you will need to have to hand when using the ready reckoner.
For 1995 pensionable pay, this is your whole-time equivalent pensionable pay as stated in your 31 March 2023 TRS (do not enter your actual 'part-time' pensionable pay).
For 2008 reckonable pay, we recommend entering your reckonable pay as stated in your 31 March 2023 TRS as the ready reckoner does not allow for any three-year averaging. Reckonable pay is determined using whole-time equivalent pensionable pay figures (do not enter your actual 'part-time' pensionable pay.)
This is needed to estimate your pension at 31/03/2023 and your pension growth over the 2023/24 tax year.
We will assume that this figure determines any 1995/2008 pension that you have built up to 31 March 2023. As highlighted above, if you have 2008 Section membership we recommend that you enter your 2021/22 reckonable pay as the Ready Reckoner does not allow for any three-year averaging.
Estimated figures from the ready reckoner do not replace and are not expected to match the actual figures from NHS Pensions. Also, the ready reckoner cannot replace what a tax accountant or an independent financial advisor can do. If you are at all uncertain about what to do next, then you should consider seeking professional guidance.
A green or amber rating does not necessarily mean that your pension growth will be under the annual allowance in practice as the outcome depends on your data inputs and there are several limitations as stated throughout the ready reckoner.
The ready reckoner presents staff with a traffic light system to assess the potential risk of breaching their annual allowance. The purpose of the traffic light system is to highlight when an employee can have relative comfort in their position or when they really ought to be seeking independent financial advice. If the employee is projected to be running a risk, then the ready reckoner will trigger either an amber or red signal. However, it will often be the case that the scheme still provides good value for the cost of membership.
You should engage with staff who are likely to be affected by pension tax issues, provide information on the local options for affected staff that are available and encourage them to use the ready reckoner.
It is vital that staff are aware of the limitations of the ready reckoner. If not, they could end up taking actions or reaching incorrect conclusions that might adversely affect them.
The information provided on the ready reckoner should only be relied on as a guide to what steps staff could consider taking next and not as a definitive statement about their tax position. It is vital that staff seek advice from a tax accountant or an independent financial advisor if they are uncertain about what to do next. The calculations of pensions, pension growth and annual allowance are not simple and vary hugely from one individual to the next. For the purposes of simplification, the ready reckoner makes some assumptions and approximations. The main assumptions and approximations are listed on a summary page, which is generated for the user once all the required data has been inputted. Employers should encourage staff to read the assumptions and approximations carefully to understand how their personal situation could differ to that presented by the ready reckoner.
The ready reckoner can be accessed by anyone and we encourage employers to become familiar with the ready reckoner so that you can support staff and answer any questions. If a member of staff is concerned that they may breach the annual allowance, we recommend employers direct them to the ready reckoner to estimate their position with regard to the annual allowance. Staff will be able to use the ready reckoner on their desktop, laptop and on their smartphone or tablet.
Staff will not be required to log in to the ready reckoner. We recommend they save the individual summary report for future reference. It is possible to go back to the data input sections to amend data/inputs.
The ready reckoner is user-friendly and presents for staff what they need to know in simple terms, providing guidance and support throughout. Staff will see a series of prompts for entering data into the input sections and will be presented with a series of outputs, including the estimated net cost of scheme membership, annual pension projected to build up in the financial year and their estimated pension input amount.
A green or amber rating does not necessarily mean that pension growth will be under the annual allowance in practice as the outcome depends on individuals data inputs and there are several limitations as stated throughout the ready reckoner.
In this book Tables of Income Tax Rates and Ready Reckoner for A. Ys. 2020-21 and 2021-22 have been compiled with utmost care enabling the assessees to correctly work out their net income tax liability. Rates of Depreciation for tax purposes and Market rates of Gold and Silver have also been provided. This book provide Index to chapters, List of important Income Tax Forms alongwith purpose, period and date, Index of Exemptions and Deductions, Index of Cases and Index of Important Income Tax Sections discussed in the book. BOOK DETAILS Hardcover: Publisher: NA Language: , ISBN-10: NA Dimensions: PREVIEW Customer Reviews Write a review Average customer rating
"SUSI is now open for renewal applications for the 2021/22 academic year. New grant applicants will be able to apply on April 22nd. The early opening date for renewal students will facilitate earlier decisions for students on their grant applications and provide students with greater certainty about the financial support that will be available to them. I would encourage students who think they might be eligible for support to submit their online applications to SUSI and use the ready reckoner on their website. ff782bc1db
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