The new Chancellor announced various new economic measures in his 'mini-budget' this morning, but not all of them apply in Scotland, so Insider has analysed what the fiscal changes mean for businesses north of the border.
For a start, Kwasi Kwarteng's announcement that the UK basic rate of income tax will be reduced to 19p and the UK additional rate of income tax abolished from April 2023 does not apply, with the power to set rates and bands of non-savings, non-dividend income tax are devolved.
However, it will lead to further points of divergence between the Scottish and UK income tax regimes in the absence of changes to the existing Scottish income tax regime.
