Tax Rates and Allowances
| 2022-23 (£) | 2023-24 (£) | Increase (£) | |
|---|---|---|---|
| INCOME TAX ALLOWANCES: | |||
| Personal allowance | 12,570 | 12,570 | - |
| CAPITAL GAINS TAX ANNUAL EXEMPT AMOUNT: | |||
| Individuals etc: | 12,300 | 6,000 | -6,300 |
| Inheritance tax threshold | 325,000 | 325,000 | - |
| PENSIONS SCHEMES: | |||
| Annual allowance: | £40,000 | £60,000 | +20,000 |
| Lifetime allowance: | 1,073,100 | 1,073,100 | - |
Taxable Bands
| Taxable bands 2022-23 (£) | Taxable bands 2023-24 (£) | ||
|---|---|---|---|
| Starting rate 0% | 0 - 5,000 | Starting rate 0% | 0 - 5,000 |
| Basic rate 20% | 0 - 37,700 | Basic rate 20% | 0 - 37,700 |
| Higher rate 40% | 37,701 - 150,000 | Higher rate 40% | 37,701 - 125,140 |
| Additional rate 45% | Over 150,000 | Additional rate 45% | Over 125,141 |
Corporation Tax Rates
| Band | Corporation tax profits 2022-23 (£) | Corporation tax profits 2023-24 (£) |
|---|---|---|
| 0 - 50,000 | 19% | 19% |
| 50,001 - 250,000 | 19% | Marginal relief |
| 250,001 or more | 19% | 25% |
National Insurance Rates
| 2022-23 | 2023-24 | |
|---|---|---|
| Primary threshold | £242 per week | £242 per week |
| Secondary threshold | £175 per week | £175 per week |
| Employees’ primary class 1 rate on earnings between primary threshold and upper earnings limit | 13.25% of £175.01 to £967 per week 3.25% above £967 per week | 12% of £175.01 to £967 per week 2% above £967 per week |
| Employers’ secondary Class 1 rate | 15.05% on earnings above £175 per week | 13.8% on earnings above £175 per week |
| Class 4 rate | 10.25% of £11,908 to £50,270 per year 3.25% above £50,270 per year | 9.73% of £11,908 to £50,270 per year 2.73% above £50,270 per year |
| Class 4 lower profits limit | £11,908 per year | £12,570 |
| Class 4 upper profits limit | £50,270 per year | £50,270 |
For further rates and allowances and historic tables see HMRC.