2023/24 Band £ |
Rate % | 2022/23 Band £ |
Rate % |
---|---|---|---|
0 – 37,700 |
20 |
0 – 37,700 |
20 |
37,701 – 125,140 |
40 |
37,701 – 150,000 |
40 |
Over 125,140 |
45 |
Over 150,000 |
45 |
Savings allowance basic rate |
£1,000 |
Savings allowance higher rate |
£500 |
Dividend Income | 2023/24 | 2022/23 |
---|---|---|
Dividend allowance |
£1,000 |
£2,000 |
Dividend ordinary rate |
8.75% |
8.75% |
Dividend upper rate |
33.75% |
32.5% |
Dividend additional rate |
39.35% |
38.1% |
2023/24 | 2022/24 | |
---|---|---|
Personal allowance |
£12,570 |
£12,570 |
Personal allowance income limit |
£100,000 |
£100,000 |
Marriage allowance |
£1,260 |
£1,260 |
Married couple’s allowance |
£10,375 |
£9,415 |
– minimum amount |
£4,010 |
£3,640 |
– income limit |
£34,600 |
£31,400 |
Blind person’s allowance |
£2,870 |
£2,600 |
2023/24 | 2022/23 | |
---|---|---|
Overall investment limit |
£20,000 |
£20,000 |
Junior account investment limit |
£9,000 |
£9,000 |
2023/24 Band £ |
Rate % | 2022/23 Band £ |
Rate % |
---|---|---|---|
0 – 2,162 |
19 |
0 – 2,162 |
19 |
2,163 – 13,118 |
20 |
2,163 – 13,118 |
20 |
13,119 – 31,092 |
21 |
13,119 – 31,092 |
21 |
31,093 – 125,140 |
42 |
31,093 – 150,000 |
41 |
Over 125,140 |
47 |
Over 150,000 |
46 |
2023/24 Band £ |
Rate % | 2022/23 Band £ |
Rate % |
---|---|---|---|
0 – 37,700 |
20 |
0 – 37,700 |
20 |
37,701 – 125,140 |
40 |
37,701 – 150,000 |
40 |
Over 125,140 |
45 |
Over 150,000 |
45 |
Individuals | 2023/24 | 2022/23 |
---|---|---|
Exemption |
£6,000 |
£12,300 |
Standard rate |
10% |
10% |
Higher/additional rate |
20% |
20% |
Trusts Exemption |
£3,000 |
£6,150 |
Rate |
20% |
20% |
Higher rates (18/28%) may apply to the disposal of certain residential property and carried interest.
The first 1m of qualifying gains are charged at 10%
Death rate | Lifetime rate | Chargeable transfers 2023/24 and 2022/23 |
---|---|---|
Nil |
Nil |
0 – £325,000 (nil rate band) |
40% |
20% |
Over £325,000 |
A further nil rate band of £175,0000 may be available in relation to current or former residences.
2023/24 CO2 emissions g/km |
% of list pricetaxed | |
---|---|---|
0 |
2 | |
1-50 |
||
Electric range |
130 or more |
2 |
70 – 129 |
5 |
|
40 – 69 |
8 |
|
30 – 39 |
12 |
|
under 30 |
14 |
|
51-54 |
15 |
|
For every extra 5 |
+1 |
|
160 and above |
37 |
For fully diesel cars generally add a 4% supplement (unless the car is registered on or after 1 September 2017 and meets the Euro 6d emissions standard) but the maximum is still 37%. For emissions of 75g/km or more if the CO2 figure does not end in a 5 or 0 round down to the nearest 5 or 0.
2023/2024 | |
---|---|
Car fuel benefit |
£27,800 |
Van benefit |
£3,960 |
Van fuel benefit |
£757 |
Employee Earnings per week |
% | Employer Earnings per week |
% |
---|---|---|---|
Up to £242 |
Nil |
Up to £175 |
Nil |
£242.01 – £967 |
12 |
Over £175 |
13.8 |
Over £967 |
2 |
Entitlement to contribution-based benefits for employees retained for earnings between £123 and £242 per week. The employer rate is 0% for certain military veterans, employees under 21 and apprentices under 25 on earnings up to £967 per week.
Class 1A (employers) | 13.8% on employee taxable benefits |
Class 1B (employers) | 13.8% on PAYE Settlement Agreements |
Class 2 (self-employed) | nil on profits between £6,725 and £12,570 plus £3.45 per week where profits over £12,570 |
Class 3 (voluntary) | flat rate per week £17.45 |
Class 4 (self-employed) | 9% on profits between £12,570 and £50,270 plus 2% on profits over £50,270 |
Weekly benefit | 2023/24 | 2022/23 |
---|---|---|
New State Pension |
203.85 |
185.15 |
Old State Pension |
156.20 |
141.85 |
Statutory pay standard rates – average weekly earnings of £123 (£123) or over | ||
Sick Pay |
109.40 |
99.35 |
Maternity/Adoption Pay |
172.48 |
156.66 |
Shared Parental Pay |
172.48 |
156.66 |
Paternity Pay |
172.48 |
156.66 |
Age | NLW | 21-22 | 18-20 | 16-17 | Apprentices |
---|---|---|---|---|---|
From 1 April 2023 | £10.42 | £10.18 | £7.49 | £5.28 | £5.28 |
Applies to apprentices under 19, or 19 and over in the first year of apprenticeship. NLW applies to those aged 23 and over.
Relief on investments in certain unquoted trading companies up to £1m per annum (£2m for knowledge-intensive companies):
Unlimited amounts of capital gains from the disposal of other assets may be able to be deferred by making an EIS investment.
Relief on investments in certain quoted companies up to £200,000 per annum:
Dividends received from VCTs may be exempt from income tax.
Relief on investments in certain unquoted trading companies up to £200,000* per annum:
Year to 31.3.24 | Profit band £ | Rate % |
Small profit rate | 0 – 50,000 | 19 |
Marginal rate | 50,0001 – 250,000 | 26.5 |
Main rate | Over 250,000 | 25 |
Marginal relief fraction | 3/200 |
For the year to 31.3.23 the main rate of corporation tax was 19%. Special rules apply to accounting periods straddling 1 April 2023. For the year to 31.3.24 the profits limits are reduced for a company with associated companies. Different rates apply for ring-fenced (broadly oil industry) profit.
First Year Allowance (FYA) on certain plant, machinery and cars of 0g/km. | 100% | |
Corporation tax FYA (‘full expensing’) on certain new, unused plant and machinery from 1 April 2013 | 100% | |
Corporation tax FYA on on new, unused long-life assets, integral features of buildings, etc from 1 April 2013 | 50% | |
Annual Investment Allowance (AIA) £1,000,000 (£200,000 from 1 April 2023) Excludes cars | ||
Writing Down Allowance Long-life assets, integral features of buildings, cars over 50g/kg |
6% | |
Other plant and machinery | 18% | |
Structures and Buildings Allowance | 3% |
2023/24 | 2022/23 | |
---|---|---|
Lifetime Allowance (LA) limit |
No LA charge |
£1,073,100 |
Annual Allowance limit |
£60,000 |
£40,000 |
Money Purchase Annual Allowance |
£10,000 |
£4,000 |
From 1/4/23 | From 1/4/22 | |
---|---|---|
Standard rate |
20% |
20% |
Reduced rate |
5% |
5% |
Annual Registration Limit |
£85,000 |
£85,000 |
Annual Deregistration Limit |
£83,000 |
£83,000 |
Across the whole of the UK, residential rates may be increased by 3% (4% in Wales and 6% in Scotland) where further residential properties are acquired.
Land and buildings in England and N. Ireland
Residential Band £ |
Rate % |
Non-residential Band £ |
Rate % |
---|---|---|---|
0 – 250,000 | 0 | 0 – 150,000 | 0 |
250,001 – 925,000 |
5 |
150,001 – 250,000 |
2 |
925,000 – 1,500,000 |
10 |
Over 250,000 |
5 |
Over 1,500,000 |
12 |
First-Time buyer relief may apply to residential purchases up to £625,000
Land and buildings in Scotland.
Residential Band £ |
Rate % |
Non-residential Band £ |
Rate % |
---|---|---|---|
0 – 145,000 |
0 |
0 – 150,000 |
0 |
145,001 – 250,000 |
2 |
150,001 – 250,000 |
1 |
250,001 – 325,000 |
5 |
Over 250,000 |
5 |
325,001 – 750,000 |
10 |
||
Over 750,000 |
12 |
First-Time Buyer relief may apply on the first £175,000 of residential purchases.
Land and buildings in Wales.
Residential Band £ | Rate % | Non-residential Band £ | Rate % |
---|---|---|---|
0 – 225,000 |
0 |
0 – 225,000 |
0 |
225,001 – 400,000 |
65 |
225,001 – 250,000 |
1 |
400,001 – 750,000 |
7.5 |
250,001 – 1,000,000 |
5 |
750,001 – 1,500,000 |
10 |
Over 1,000,000 |
6 |
Over 1,500,000 |
12 |
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