A&M are pleased to welcome, Johanna Wright, to the People Services team at A&M Taxand Glasgow.

Johanna Wright is an Assistant Director who has more than 30 years of experience in advising High Net Worth Individuals who benefit from a Private Client Service and develops long standing 'trusted adviser' status with such clients, often advising several generations of the same families.

She has extensive experience in advising on all areas of personal taxation, including Partnerships and Trusts, and provides income tax, capital gains tax, and inheritance tax planning advice, including residence and domicile aspects, and considering succession solutions.

Mrs. Wright has returned to Scotland after 28 years in the Southeast of England, working in medium sized accountancy firms with a London bias, and has experience in building a strong private client team.

Mrs. Wright is a long-standing member of The Chartered Institute of Taxation, and a fellow of the Association of Taxation Technicians.

A REMINDER OF THE SELF-ASSESSMENT TAX FILING DEADLINE ON 31ST JANUARY 2023

We wanted to remind that the online submission deadline for Fund Executives' 2021/22 self-assessment tax returns was 31 January 2023. Late filing penalties may apply for any returns not filed by this date.

SCOTTISH BUDGET 2023 TO 2024

The Scottish Budget for 2023 to 2024 was published on December 15 2022.

We have noted below some of the key points for Fund Executives who are Scottish taxpayers for tax year 2023/24, starting on 06 April 2023:

  • The personal allowance remains at £12,570;
  • No change to the starter (19%), basic (20%) and intermediate (21%) rates of income tax;
  • Higher and top rates of income tax will see a 1% increase to 42% (from 41%) and 47% (from 46%), respectively;
  • Top rate threshold will be reduced from £150,000 to £125,140 meaning the higher rate threshold will be £43,663 to £125,140;
  • Residential and non-residential rates of Land and Buildings Transaction Tax will be unchanged; and
  • Additional Dwelling Settlement to rise from 4% to 6% for transactions completing after 16 December 2022.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.