2022-23 Scottish and Welsh Income Tax Rates

2022-23 Scottish and Welsh Income Tax Rates

HMRC have now confirmed the new rates for 2022-23, although the following rates are subject to parliamentary approval.

Income Tax Rate – Wales

Basic rate20%£1-£37,700
Higher rate40%£37,701-£150,000
Additional rate45%Over £150,000

Income Tax Rates – Scotland

Starter rate19%£1-£2,162
Basic rate20%£2,163-£13,118
Intermediate rate21%£13,119-£31,092
Higher rate41%£31,093-£150,000
Top rate46%Over £150,000
Higher rate threshold – Scotland: £43,662

The Welsh rates will remain at parity with England whilst the Scottish rates have been increased. Once parliament have approved these rates they will become effective for 2022-2023 tax year.