The Scottish Pelagic Processors Association (SPPA) and the Scottish Seafood Association (SSA) are calling proposals to change U.K. taxes and increase National Insurance contributions a threat to Scotland’s seafood industry.
The U.K.’s government recently announced it will require increased contributions to its National Insurance – a tax on both employees and employers on earnings and by employers on certain benefits provided to employees.
The increase, which would be effective April 2025, would see employers’ insurance rates increase from 13.8 percent to 15 percent; the threshold for employers to start paying decrease from GBP 9,100 (USD 11,400, EUR 10,900) to GBP 5,000 (USD 6,200, EUR 6,000); and the employment allowance increase from GBP 5,000 (USD 6,200, EUR 6,000) to GBP 10,500 (USD 13,200, EUR 12,600).
Inheritance tax changes comprise business property relief alterations, mainly applying to inherited agricultural assets worth more than GBP 1 million (USD 1.25 million, EUR 1.19 million).
In a joint statement, the Scottish Pelagic Processors Association and the Scottish Seafood Association said the changes could threaten the seafood industry in Scotland via ...
