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 Allowances | 22/23 | 23/24 | 24/25 |
|---|---|---|---|
| £ | £ | £ | |
| Personal* | 12,570 | 12,570 | 12,570 |
| Transferable marriage allowance | 1,260 | 1,260 | 1,260 |
| Dividend Allowance | 2,000 | 1,000 | 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. |
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| Age related allowances available at 10% | 22/23 | 23/24 | 24/25 |
|---|---|---|---|
| £ | £ | £ | |
| Married couple's allowance (MCA) | |||
| Age 75 and over - maximum rate * | 9,415 | 10,375 | 11,080 |
| Age 75 and over - minimum rate | 3,640 | 4,010 | 4,280 |
| Income limit | 31,400 | 34,600 | 37,000 |
| * Allowance reduced by £1 for every £2 of income in excess of income limit |
| Rate on taxable income | 22/23 | 23/24 | 24/25 | |||
|---|---|---|---|---|---|---|
| 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 | 150,000 | 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) | 22/23 | 23/24 | 24/25 |
|---|---|---|---|
| Individuals | £12,300 | £6,000 | £3,000 |
| Trusts | £6,150 | £3,000 | £1,500 |
| Standard Rate * | 10%/18% | 10%/18% | 10%/18% |
| Higher Rate * | 20%/28% | 20%/28% | 20%/24%/28% |
| Business Asset Disposal Relief Rate | 10% | 10% | 10% |
| * 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%. |
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| Corporation Tax | |||
|---|---|---|---|
| Year Ended 31st March | 2023 | 2024 | 2025 |
| Rate | 19% | 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 | |
| Marginal Relief Upper Limit | £250,000 | £250,000 | |
| Marginal Relief Fraction | 3/200 | 3/200 | |
| Effective Marginal Rate | 26.5% | 26.5% |
| National Insurance Contributions | ||||
|---|---|---|---|---|
| Class 1 Employment | 22/23 | 23/24 | 24/25 | |
| Lower earnings limit | pw | £123 | £123 | £123 |
| pa | £6,396 | £6,396 | £6,396 | |
| Upper earnings limit (UEL) | pw | £967 | £967 | £967 |
| pa | £50,270 | £50,270 | £50,270 | |
| Primary threshold (employee) | pw | £190 to 5/7/2022 £242 from 6/7/2022 | £242 | £242 |
| pa | £9,880 | £12,570 | £12,570 | |
| Secondary threshold (employer) | pw | £175 | £175 | £175 |
| pa | £9,100 | £9,100 | £9,100 | |
| Employees' Class 1 rate between primary threshold and UEL | 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% | 8% | |
| Employees' Class 1 rate above UEL | 3.25% to 5/11/2022 2% from 6/11/2022 | 2% | 2% | |
| Employers' secondary Class 1 rate above secondary threshold | 15.05% to 5/11/2022 13.8% from 6/11/2022 | 13.8% | 13.8% | |
| Class 2 rate | pw | £3.15 | £3.45 | £3.45 |
| 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 £6,725 then you can choose to pay Voluntarily the Class 2 NIC to obtain an NIC credit for the year. |
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| Class 3 rate | pw | £15.85 | £17.45 | £17.45 |
| Class 4 lower profits limit | pa | £11,908 | £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 | 9.73% | 9% | 6% | |
| Class 4 rate above upper profits limit | 2.73% | 2% | 2% | |
| Working Tax Credit - £ per year | ||
|---|---|---|
| Rates and Thresholds | 2022/23 | 2023/24 |
| Basic element | £2,070 | £2,280 |
| Couple and lone parent element | £2,125 | £2,340 |
| 30 hour element | £860 | £950 |
| Disabled worker element | £3,345 | £3,685 |
| Severe disability element | £1,445 | £1,595 |
| Child Tax Credit - £ per year (unless stated) | ||
|---|---|---|
| Rates and Thresholds | 2022/23 | 2023/24 |
| Maximum eligible childcare cost for one child | £175/wk | £175/wk |
| Maximum eligible childcare cost for two or more children | £300/wk | £300/wk |
| Percentage of eligible childcare costs covered | 70% | 70% |
| Family element | £545 | £545 |
| Child element | £2,935 | £3,235 |
| Disabled child element | £3,545 | £3,905 |
| Severely disabled child element | £1,430 | £1,575 |
| Income thresholds and withdrawal rates | ||
|---|---|---|
| Rates and Thresholds | 2022/23 | 2023/24 |
| First income threshold | £6,770 | £7,455 |
| First withdrawal rate (per cent) | 41% | 41% |
| First threshold for those entitled to Child Tax Credit only | £17,005 | £18,725 |
| Income rise disregard | £2,500 | £2,500 |
| Income fall disregard | £2,500 | £2,500 |