Tax Free Allowances	23/24	24/25	25/26
	£	£	£
Personal*	12,570	12,570	12,570
Transferable marriage allowance	1,260	1,260	1,260
Dividend Allowance	1,000	500	500
Personal Savings Allowance **	1,000	1,000	1,000
* The Personal Allowance reduces where the income is above £100,000 by £1 for every £2 of income above the limit until the Personal Allowance is reduced to nil. ** Reduced to £500 for higher rate taxpayers.

Age related allowances available at 10%	23/24	24/25	25/26
	£	£	£
Married couple's allowance (MCA)
Age 75 and over - maximum rate *	10,375	11,080	11,270
Age 75 and over - minimum rate	4,010	4,280	4,360
Income limit	34,600	37,000	37,700
* Allowance reduced by £1 for every £2 of income in excess of income limit

Rate on taxable income	23/24		24/25		25/26
	Band	Rate	Band	Rate	Band	Rate
	£	%	£	%	£	%
*Savings rate (SR) on first	5,000	0	5,000	0	5,000	0
Basic rate (BR) up to	37,700	20	37,700	20	37,700	20
Higher rate (HR) above	37,700	40	37,700	40	37,700	40
Additional rate (AR) on over	125,140	45	125,140	45	125,140	45
Dividend Tax Rate - 8.75% up to HR, 33.75% from HR up to AR, 39.35% above AR
* There is a 0% starting rate for savings income only. If your non-savings income is above this limit then the rate for savings will not apply

Annual Exemption (AE)	23/24	24/25	25/26
Individuals	£6,000	£3,000	£3,000
Trusts	£3,000	£1,500	£1,500
Standard Rate *	10%/18%	10%/18% to 29/10/2024 10% rate removed from 30/10/2024	18%
Higher Rate *	20%/28%	20%/24%/28% 20% rate removed from 30/10/2024	24%/28%
Business Asset Disposal Relief Rate	10%	10%	14%
* Up to 2023/24 the rates of 18% and 28% apply to gains on residential property and carried interest only. From 2024/25 the higher rate of residential property reduces to 24%, the higher rate for carried interest remains at 28%.

Corporation Tax
Year Ended 31st March	2024	2025	2026
Rate	Small Profits Rate 19% Main Rate 25%	Small Profits Rate 19% Main Rate 25%	Small Profits Rate 19% Main Rate 25%
Small Profits Rate Band and Marginal Relief Lower Limit	£50,000	£50,000	£50,000
Marginal Relief Upper Limit	£250,000	£250,000	£250,000
Marginal Relief Fraction	3/200	3/200	3/200
Effective Marginal Rate	26.5%	26.5%	26.5%

National Insurance Contributions
Class 1 Employment		23/24	24/25	25/26
Lower earnings limit	pw	£123	£123	£125
	pa	£6,396	£6,396	£6,500
Upper earnings limit (UEL)	pw	£967	£967	£967
	pa	£50,270	£50,270	£50,270
Primary threshold (employee)	pw	£242	£242	£242
	pa	£12,570	£12,570	£12,570
Secondary threshold (employer)	pw	£175	£175	£96
	pa	£9,100	£9,100	£5,000
Employees' Class 1 rate between primary threshold and UEL		12% to 5/1/2024 10% from 6/1/2024 average 11.5%	8%	8%
Employees' Class 1 rate above UEL		2%	2%	2%
Employers' secondary Class 1 rate above secondary threshold		13.8%	13.8%	15%
Class 2 rate	pw	£3.45	£3.45	£3.50
For the 2023/24 tax year, you pay Class 2 NIC if your profits are above the Lower Profits Threshold of £12570, this liability has been removed in 2024/25 but you will be be given an NIC credit for the year. If your profits from self-employment in 2023/24 are between the Small Profits Threshold and the Lower Profits Limit then there is no Class 2 NIC to pay but you will again be be given an NIC credit for the year. If your profits are below the Small Profits Threshold of £6,845 (2024/25: £6,725) then you can choose to pay Voluntarily the Class 2 NIC to obtain an NIC credit for the year.
Class 3 rate	pw	£17.45	£17.45	£17.75
Class 4 lower profits limit	pa	£12,570	£12,570	£12,570
Class 4 upper profits limit	pa	£50,270	£50,270	£50,270
Class 4 rate between lower profits limit and upper profits limit		9%	6%	6%
Class 4 rate above upper profits limit		2%	2%	2%