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| 2021/22 Band £ |
Rate % |
2020/21 Band £ |
Rate % |
|---|---|---|---|
|
0 – 37,700 |
20 |
0 – 37,700 |
20 |
|
37,701 – 150,000 |
40 |
37,701 – 150,000 |
40 |
|
Over 150,000 |
45 |
Over 150,000 |
45 |
|
Savings allowance basic rate |
£1,000 |
|
Savings allowance higher rate |
£500 |
| Dividend Income | 2022/23 | 2021/22 |
|---|---|---|
|
Dividend allowance |
£2,000 |
£2,000 |
|
Dividend ordinary rate |
8.75% |
7.5% |
|
Dividend upper rate |
33.75% |
32.5% |
|
Dividend additional rate |
39.35% |
38.1% |
| 2022/23 | 2021/22 | |
|---|---|---|
|
Personal allowance |
£12,570 |
£12,570 |
|
Personal allowance income limit |
£100,000 |
£100,000 |
|
Marriage allowance |
£1,260 |
£1,260 |
|
Married couple’s allowance |
£9,415 |
£9,125 |
|
– minimum amount |
£3,640 |
£3,530 |
|
– income limit |
£31,400 |
£30,400 |
|
Blind person’s allowance |
£2,600 |
£2,520 |
| 2022/23 | 2021/22 | |
|---|---|---|
|
Overall investment limit |
£20,000 |
£20,000 |
|
Junior account investment limit |
£9,000 |
£9,000 |
| Individuals | 2022/23 | 2021/22 |
|---|---|---|
|
Exemption |
£12,300 |
£12,300 |
|
Standard rate |
10% |
10% |
|
Higher/additional rate |
20% |
20% |
|
Trusts Exemption |
|
|
|
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 2022/23 and 2021/22 |
|---|---|---|
|
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.
| 2022/23 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.
| 2022/2023 | |
|---|---|
|
Car fuel benefit |
£25,300 |
|
Van benefit |
£3,600 |
|
Van fuel benefit |
£688 |
| Employee Earnings per week |
% | Employer Earnings per week |
% |
|---|---|---|---|
|
Up to £190* |
Nil |
Up to £175 |
Nil |
|
£190.01* – £967 |
13.25 |
Over £175 |
15.05 |
|
Over £967 |
3.25 |
|
Entitlement to contribution-based benefits for employees retained for earnings between £123 and £190* 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. (*£242 from 6 July 2022.)
| 2022/23 | 2021/22 | |
|---|---|---|
|
Basic State Pension |
185.15 |
179.60 |
|
Old State Pension |
141.85 |
137.60 |
| Statutory pay standard rates – average weekly earnings of £123 (£120) or over | ||
|
Sick Pay |
99.35 |
96.35 |
|
Maternity/Adoption Pay |
156.66 |
151.97 |
|
Shared Parental Pay |
156.66 |
151.97 |
|
Paternity Pay |
156.66 |
151.97 |
| Age | NLW | 21-22 | 18-20 | 16-17 | Apprentices |
|---|---|---|---|---|---|
| From 1 April 2022 | £9.50 | £9.18 | £6.83 | £4.81 | £4.81 |
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.
Capital gains from the disposal of other assets may be exempt up to £50,000 per annum by making an SEIS investment.
Relief on investments in certain quoted companies up to £200,000 per annum:
Dividends received from VCTs may be exempt from income tax. All reliefs subject to detailed conditions being met.
| Rate % | Rate % | ||
|---|---|---|---|
|
Year to 31.3.23 |
19 |
Year to 31.3.22 |
19 |
Different rates apply for ring-fenced (broadly oil industry) profit.
| Corporation tax super-deduction on certain plant and machinery until March 2023 | 130% | |
| First Year Allowance (FYA) on certain plant, machinery and cars of 0g/km | 100% | |
| Corporation tax FYA on long-life assets, integral features of buildings, etc. Until March 2023 | 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% |
| 2022/23 | 2021/22 | |
|---|---|---|
|
Lifetime Allowance limit |
£1,073,100 |
£1,073,100 |
|
Annual Allowance limit |
£40,000 |
£40,000 |
|
Money Purchase Annual Allowance |
£4,000 |
£4,000 |
| From 1/4/21 | From 1/4/21 | |
|---|---|---|
|
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 Scotland and Wales) where further residential properties are acquired.
Land and buildings in England and N. Ireland
| Residential Band £ |
Rate % |
Non-residential Band £ |
Rate % |
|---|---|---|---|
| 0 – 125,000 | 0 | 0 – 150,000 | 0 |
|
125,001 – 250,000 |
2 |
150,001 – 250,000 |
2 |
|
250,001 – 925,000 |
5 |
Over 250,000 |
5 |
|
925,001 – 1,500,000 |
10 |
|
|
|
Over 1,500,000 |
12 |
|
|
First-Time buyer relief may apply to residential purchases up to £500,000
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