It’s not often we talk about Scotland on Balance Sheet. The country is hardly a financial powerhouse, and it may never become one after its tax raid on high earners. Did someone say 84.5% marginal rate?

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Scotland tax hike means some will pay 84.5% marginal rate

The Scottish government has announced a new “advanced” tax band for those earning between £75,000 and £125,140 ($95,000 and $158,000). That means the country will have six different income tax rates, and some will pay an eye watering 84.5% marginal rate.

Let’s break it down. The tax trap appears for those on between £100,000 and £125,140, who lose £1 of their personal allowance – the amount anyone can earn tax free – for every £2 earnt. This results in a marginal rate of 69.5%.

If you’re repaying a student loan from an English university, that’s another 9%. Throw in a postgraduate student loan at 6% and you’re looking at a marginal tax rate of 84.5%. So if you’ve studied hard in England and want to rake it in, maybe don’t move to Scotland, however beautiful Edinburgh may be.

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