Tax Data - Rates for 2024/2025

TAX RATES 2024/25 

Income Tax 

Rates and bands (other than savings and dividend income) 

2024/25		2023/24
Band £	Rate %	Band £	Rate %
0 – 37,700	20	0 – 37,700	20
37,701 – 125,140	40	37,701 – 125,140	40
Over 125,140	45	Over 125,140	45

 

Income tax rates in Scotland and Wales on income other than savings and  dividend income have been devolved. 

Savings income	2024/25 and 2023/24
Savings allowance basic rate	£1,000
Savings allowance higher rate	£500

 

A starting rate of 0% may be available unless taxable non-savings income  exceeds £5,000. 

Dividend income	2024/25	2023/24
Dividend allowance	£500	£1,000
Dividend ordinary rate	8.75%	8.75%
Dividend upper rate	33.75%	33.75%
Dividend additional rate	39.35%	39.35%

 

Income Tax Reliefs 

2024/25-2023/24 

Personal allowance	£12,570	£12,570
Personal allowance income limit	£100,000	£100,000
Marriage allowance	£1,260	£1,260
Married couple’s allowance	£11,080	£10,375
– minimum amount	£4,280	£4,010
– income limit	£37,000	£34,600
Blind person’s allowance	£3,070	£2,870

 

Individual Savings Accounts 

2024/25-2023/24

Overall investment limit	£20,000	£20,000
Junior account investment limit	£9,000	£9,000

Tax Reliefs for Individuals 

2024/25 and 2023/24 

Enterprise Investment Scheme (EIS) 

Relief on investments in certain unquoted trading companies up to £1m per  annum (£2m for knowledge intensive companies) :  

• Income tax relief at 30% • Capital gains exemption on disposal  Unlimited amounts of capital gains from the disposal of other assets may be  able to be deferred by making an EIS investment. 

Seed Enterprise Investment Scheme (SEIS) 

Relief on investments in certain unquoted trading companies up to £200,000  per annum:  

• Income tax relief at 50% • Capital gains exemption on disposal  Capital gains from the disposal of other assets may be exempt up to £100,000  per annum by making an SEIS investment.  

Venture Capital Trusts (VCTs) 

Relief on investments in certain quoted companies up to £200,000 per annum: • Income tax relief at 30% • Capital gains exemption on disposal  Dividends received from VCTs may be exempt from income tax. 

Selected Rates 

2024/25-2023/24 

Weekly benefit	£	£
New State Pension	221.20	203.85
Old State Pension	169.50	156.20
Statutory pay standard rates – average weekly earnings £123  (£123) or over
Sick Pay	116.75	109.40
Maternity/Adoption Pay	184.03	172.48
Shared Parental Pay	184.03	172.48
Paternity Pay	184.03	172.48

National Living Wage and National Minimum Wage Age NLW 18-20 16-17 Apprentices From 1 April 2024 £11.44 £8.60 £6.40 £6.40 Applies to apprentices under 19 or 19 and over in the first year of  apprenticeship.  

NLW applies to those aged 21 and over.

National Insurance 

2024/25 Class 1 (employed) rates 

Employee Employer 

Earnings per week % Earnings per week % Up to £242 Nil Up to £175 Nil £242.01 – £967 8 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 (£3.45 per week where those with profits  

below £6,725 wish to make a voluntary  

contribution) 

Class 3 (voluntary) flat rate per week £17.45 

Class 4  

(self-employed) 6% on profits between £12,570 and £50,270  plus 2% on profits over £50,270 

Corporation Tax 

Years to 31.3.24 and 31.3.25	Profits band £	Rate %
Small profits rate	0 – 50,000	19
Marginal rate	50,001 – 250,000	26.5
Main rate	Over 250,000	25
Marginal relief fraction	3/200

Profits limits are reduced for a company with associated companies. Different  rates apply for ring-fenced (broadly oil industry) profit.  

Capital Allowances 

First Year Allowance (FYA) on certain plant, machinery  and cars of 0g/km (for cars purchased before 1 April  2025) 

Corporation tax FYA (‘full expensing’) on certain new,  

100% 

unused plant and machinery from 1 April 2023100% Corporation tax FYA on new, unused long-life assets,  

integral features of buildings, etc. from 1 April 202350% Annual Investment Allowance £1,000,000 excluding cars Writing Down Allowance 

Long-life assets, integral features of buildings, cars  over 50g/km 

6% 

Other plant and machinery 18% Structures and Buildings Allowance 3% 

Pensions 

2024/25-2023/24 

Lifetime Allowance (LA) limit	No LA charge	No LA charge
Annual Allowance limit	£60,000	£60,000
Money Purchase Annual   Allowance	£10,000	£10,000

Value Added Tax 

From 1.4.24 From 1.4.23

Standard rate	20%	20%
Reduced rate	5%	5%
Annual Registration Limit	£90,000	£85,000
Annual Deregistration Limit	£88,000	£83,000

Property Taxes 

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.  

Stamp Duty Land Tax 

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
925,001 – 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.* *The residential property rules are scheduled to change from 1 April 2025. 

Land and Buildings Transaction Tax 

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 Transaction Tax 

Land and buildings in Wales

Residential  Band £	Rate  %	Non-residential  Band £	Rate  %
0 – 225,000	0	0 – 225,000	0
225,001 – 400,000	6	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

Disclaimer: Rates are for guidance only. No responsibility for loss occasioned by any person acting/ refraining from action as a result of this information can be accepted by the authors or firm. 

IN Accountancy Limited 

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Bramhall Moor Lane 

Hazel Grove 

Stockport 

SK7 5ER 

0161 456 9666 

askus@in-accountancy.co.uk www.in-accountancy.co.uk @in_accountancy