Tax on pensions

Rob_Higgins

I have joined this forum today, so please bear with my inexperience.
This is my first time submitting a post.
I heard that the SNP are planning to use their tax raising powers in Scotland.
I am retired and apart from my government pension, I have a final salary pension from a finance company based in England.
Can you tell me if the taxation of my pensions will be affected by this new Scottish governments
Tax powers or will it still be controlled from Westminster rulings?
Thank you.
Rob H

greatkingrat

It is based on your main residence. It doesn't matter where the employer / pension provider is physically located.

I would expect any tax increase in Scotland would be mostly aimed at higher earners, so unless you have a very large pension it probably won't have much of an effect on you.

badmemory

They are already using their tax raising powers. You can tell if you are effected because any tax code you have will have an S at the end. The only effect so far I believe is at the upper end of the basic rate, where one year the increase at the top end did not happen for Scottish tax payers, meaning that £2000 stayed at the 40% rate instead of reducing to 20%.