21 Angel Hill,

Tiverton, EX16 6PE

21 Angel Hill,

Tiverton, EX16 6PE

Current Statutory Tax Data Information

Tax Rates & Allowances

The data provided here is for the UK except Scotland. Please be aware that this information will change regularly according to government policy. It is advisable to check this data periodically for updates. For other rates and allowances please check the HMRC website

Tax Free Allowances21/2222/2323/24
£££
Personal*12,57012,57012,570
Transferable marriage allowance1,2601,2601,260
Dividend Allowance2,0002,0001,000
Personal Savings Allowance **1,0001,0001,000
* 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%21/2222/2323/24
£££
Married couple's allowance (MCA)
Age 75 and over - maximum rate *9,1259,41510,375
Age 75 and over - minimum rate3,5303,6404,010
Income limit30,40031,40034,600
* Allowance reduced by £1 for every £2 of income in excess of income limit

Rate on taxable income21/22 22/23 23/24 
BandRateBandRateBandRate
£%£%£%
*Savings rate (SR) on first5,00005,00005,0000
Basic rate (BR) up to37,7002037,7002037,70020
Higher rate (HR) above37,7004037,7004037,70040
Additional rate (AR) on over150,00045150,00045125,14045
Dividend Rate - up to 2021/22 7.5% up to HR, 32.5% from HR up to AR, 38.1% above AR, from 2022/23 each band rate is increased by 1.25%
* 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)21/2222/2323/24
Individuals£12,300£12,300£6,000
Trusts£6,150£6,150£3,000
Standard Rate *10%/18%10%/18%10%/18%
Higher Rate20%/28%20%/28%20%/28%
Business Asset Disposal Relief Rate10%10%10%
* The higher rates of 18% and 28% apply to gains on residential property and carried interest.
Corporation Tax   
Year Ended 31st March202220232024
Rate19%19%Small Profits Rate 19%
Main Rate 25%
Marginal Relief Lower Limit£50,000
Marginal Relief Upper Limit£250,000
Marginal Relief Fraction3/200
Effective Marginal Rate26.5%
National Insurance Contributions    
Class 1 Employment21/2222/2323/24
Lower earnings limitpw£120
£123£123
pa£6,240£6,396£6,396
Upper earnings limit (UEL)pw£967£967£967
pa£50,270£50,270£50,270
Primary threshold (employee)pw£184£190 to 5/7/2022
£242 from 6/7/2022
£242
pa£9,568£9,880£12,570
Secondary threshold (employer)pw£170£175£175
pa£8,840£9,100£9,100
Employees' Class 1 rate between primary threshold and UEL12%13.25% to 5/11/2022
12% from 6/11/2022
average 12.73%
12% to 5/1/2024
10% from 6/1/2024
average 11.5%
Employees' Class 1 rate above UEL2%3.25% to 5/11/2022
2% from 6/11/2022
2%
Employers' secondary Class 1 rate above secondary threshold 13.8%15.05% to 5/11/2022
13.8% from 6/11/2022
13.8%
Class 2 ratepw£3.05£3.15£3.45
Class 2 small profits thresholdpa£6,515£6,725£6,725
Class 3 ratepw£15.40£15.85£17.45
Class 4 lower profits limitpa£9,568£11,908£12,570
Class 4 upper profits limitpa£50,270£50,270£50,270
Class 4 rate between lower profits limit and upper profits limit9%9.73% 9%
Class 4 rate above upper profits limit2%2.73%2%
Working Tax Credit - £ per year
Rates and Thresholds2021/222022/232023/24
Basic element£2,005£2,070£2,280
Couple and lone parent element£2,060£2,125£2,340
30 hour element£830£860£950
Disabled worker element£3,240£3,345£3,685
Severe disability element£1,400£1,445£1,595
Child Tax Credit - £ per year (unless stated)
Rates and Thresholds2021/222022/232023/24
Maximum eligible childcare cost for one child£175/wk£175/wk£175/wk
Maximum eligible childcare cost for two or more children£300/wk£300/wk£300/wk
Percentage of eligible childcare costs covered70%70%70%
Family element£545£545£545
Child element£2,845£2,935£3,235
Disabled child element£3,435£3,545£3,905
Severely disabled child element£1,390£1,430£1,575
Income thresholds and withdrawal rates
Rates and Thresholds2021/222022/232023/24
First income threshold£6,565£6,770£7,455
First withdrawal rate (per cent)41%41%41%
First threshold for those entitled to Child Tax Credit only£16,480£17,005£18,725
Income rise disregard£2,500£2,500£2,500
Income fall disregard£2,500£2,500£2,500
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