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Money Box: Scottish income tax goes north

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17/12/2016

Scottish income tax goes north

BBC Radio 4 - Money Box, Scottish income tax goes north

Could we lose the £50 note?; Scots pay more income tax; credit union instant loans.

Is it the beginning of the end for the £50 note?; Which? criticises response to banking super complaint; credit unions offer instant loans; Scottish government changes income tax.

Is it the beginning of the end for the £50 note? Plans for converting Bank of England notes to plastic (with or without animal fat) end with the £20 in 2020. But the future may not be so bright for the £50. There are currently no plans for the more durable version. And as other countries phase out their high value notes - or in India's case not so high ones - to discourage crime, money laundering and tax evasion there are suggestions that the £50 may follow them to the museum. 
Claer Barrett, FT Money Editor discusses the rise and fall of high-value banknotes. 

Are the banks doing enough to combat financial crime? The Payment Systems Regulator confirmed this week that it has decided on a programme of liaising, sharing information, developing statistics, and developing best practice standards. And there will be ongoing monitoring and a review later next year. Consumer group Which? remains unimpressed. 

Higher rate taxpayers in Scotland will pay £314 a year more than those in the rest of the UK under plans revealed by the Scottish Government this week. Finance Minister Derek Mackay used his new powers over income tax to make just one change. From April the 40% higher rate of tax will begin at £43,430 rather than the £45,000 which will apply in England, Wales, and Northern Ireland. So who will pay it? And how will they know?

Stephen Hay, Head of Tax Scotland for RSM explains.

Ten credit unions have got together to offer the same sort of instant loans that so far have been the preserve of pay day lenders and other high cost credit providers. They will be offering a low APR (around 13.9% they say) and an instant decision. However, the money may still not be transferred instantly as they are currently promising a next business day service. Could this be the long-awaited breakthrough for credit unions? Or another damp squib? Mohsin Mehdi from My Community Bank tells us why he thinks this new initiative will work. 

Producer: Lee Kumutat
Reporter: Jordan Dunbar
Presenter: Paul Lewis
Editor: Andrew Smith.

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