On 23 September 2022, the Chancellor unveiled the UK Government’s Growth Plan, widely referred to in the media as a mini-budget.
In its press release, the UK Government said that the majority of announcements are UK-wide. For the UK Government press release and factsheets on the major measures, see the UK Government website.
However, the power to set rates and bands of certain taxes are devolved. In the absence of alignment by the Scottish Government, there will remain a divergence. In its initial response, the Scottish Government said that: ‘On Land and Buildings Transaction Tax and on Scottish income tax, the Scottish Government will set out its plans as part of the normal budget process. We will discuss the proposed investment zones with the UK Government but we are clear they have to be the right fit for Scotland’. See the Scottish Government website 23 September 2022.
For an analysis of what the fiscal changes mean for businesses in Scotland, see the article by Peter A Walker in Business Insider of 23 September 2022.
See also ‘What the mini-budget means for Scotland’ by Douglas Fraser on the BBC website 23 September 2022.