Published two days ago: Final income tax outturn data for 2021-22 was published by HM Revenue & Customs (HMRC) today. The figures show Scottish income tax revenues were £13,724 million in 2021-22, growing by 14.9 per cent since 2020-21. This means the Scottish Government, having done so well, must hand £390 million of our allowance back in ‘reconciliation’, because: The Scottish Government must rely on forecasts when setting each Budget, and the UK Government also relies on forecasts when determining BGAs. When information about actual revenues and expenditure becomes available – known as ‘outturn data’ – subsequent Budgets are adjusted to account for … Continue reading Major increase in Scotland’s income tax revenues in just one year