SCC PRAISES BUDGET, BUT REGRETS MOVE TO HIGHER TAX SCOTLAND

In Chamber News by Sarah Medcraf

SCC PRAISES BUDGET, BUT REGRETS MOVE TO HIGHER TAX SCOTLAND

Responding to the Draft Budget 2018/19 announced by Finance Secretary Derek Mackay MSP today, Liz Cameron, chief executive of SCC praised the Scottish Government’s commitment to the key economic drivers and welcomed additional spend for R&D, house-building, broadband connectivity and the National Manufacturing Institute of Scotland. However, she repeated SCC’s concern about Scotland’s new status as the highest-taxed part of the UK.

Liz Cameron, said:  “We welcome much of the substance of Mr Mackay’s announcement today.  In particular we appreciate his willingness to listen to the voice of business and move towards levelling the playing field with the rest of UK on business rates and incentives for housebuyers through the Land and Buildings Transaction Tax. We also welcome the announcement of the capitalisation of the Scottish National Investment Bank and the new Building Scotland Fund. This fund should help drive growth in the construction industry. ”

“On income tax, we will take the time to digest independent analysis of the potential effects of these changes in Scotland’s tax system and the net balance of measures within the budget.

“Our continuing concern is primarily with outside investors’ perception of even slight increases in tax rates, on the overall costs of doing business here against the rUK.”