Your vote and your goals

A With the Scottish Parliament election in May fast approaching, many people are understandably focused on the issues leading media headlines. But, beyond the politics, elections in Scotland have a practical impact on everyday financial planning.

Scotland already sets its own income tax bands and rates, and these differ meaningfully from the rest of the UK. Over the last several years, this has resulted in lower taxes for some lower earners and higher taxes for many middle and higher earners living in Scotland, compared with England or Wales.

As part of the 2026 election, parties are putting forward very different visions for tax and public spending over the next five years. Some proposals focus on raising additional revenue to protect public services, while others propose tax cuts funded through spending restraint or structural reform.

Regardless of the outcome, it is likely that tax policy will evolve rather than stand still.

Further, independent bodies such as the Scottish Fiscal Commission, have highlighted that public spending is expected to outpace funding, driven by an ageing population, increased healthcare demand, and the rising cost of public services north of the Border.

Historically, when governments come under pressure, changes tend to happen gradually. Thresholds may remain frozen, reliefs may become less generous over time, and complexity often increases subtly. For individuals, this can lead to higher effective tax rates even without headline tax rises.

It is important to stress that elections are not a reason to make rushed financial decisions. Reacting quickly to speculation can often do more harm than good.

Financial plans built on fixed assumptions are more vulnerable to change. A plan that relies on one income source, or assumes current tax allowances will remain indefinitely, may struggle to adapt.

The key takeaway is not to try and predict or pre-empt election outcomes, but to ensure your financial plan is resilient whatever the result. Good financial planning isn’t about reacting to elections or changing course, it is about coping with uncertainty.

Markets fluctuate, tax rules change, and personal circumstances evolve. A resilient plan is one that can flex without losing sight of your long-term goals.

The upcoming Scottish election is simply another reminder that planning ahead with flexibility and foresight matters.

Acumen Financial Planning Ltd is authorised and regulated by the FCA, FRN 218745. The content of this article is the opinion of Wendy Morrison and does not constitute advice or recommendation

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