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Current Tax Data

First Year Allowance (FYA) on certain plant, machinery and cars of 0g/km                                                                     100%                                                                 

Corporation tax FYA (‘full expensing’) on certain new,

unused plant and machinery from 1 April 2023            100%                                                                                                            Corporation tax FYA on new, unused long-life assets,             50%

integral features of buildings etc. from 1 April 2023

Annual Investment Allowance (AIA) £1,000,000 excluding cars

Writing Down Allowance

Long-life assets, integral features of buildings, cars over         6% 50g/km.                                                                                             

Other plant and machinery                                                             18%

Structures and Buildings Allowance                                              3%    

First Year Allowance (FYA) on certain plant, machinery and cars of 0g/km                                                                                         100%

Corporation tax FYA (‘full expensing’) on certain new, unused plant and machinery from 1 April 2023                                     100%

Corporation tax FYA on new, unused long-life assets, integral features of buildings etc. from 1 April 2023                               50%

Annual Investment Allowance (AIA) £1,000,000 excluding cars

Writing Down Allowance

Long-life assets, integral features of buildings, cars over 50g/km.                                                                                               6%

Other plant and machinery                                                             18%

Structures and Buildings Allowance                                              3%    

Individuals                                       2024/25       2023/24

Exemption                                        £3,000        £6,000

Standard rate                                   10%               10%

Higher/additional rate                    20%               20%

Trusts

Exemption                                        £1,500          £3,000

Rate                                                   20%               20%

 

Higher rates (18/24% for 2024/25 and 18/28% for 2023/24) may apply to the disposal of certain residential property .

Business Asset Disposal Relief

The first £1m of qualifying gains are charged at 10%.

Individuals                                       2024/25                 2024/23     

Exemption                                        £3,000                      £6,000

Standard rate                                   10%                          10%

Higher/additional rate                    20%                          20%

Trusts

Exemption                                        £1,500                     £3,000

Rate                                                   20%                          20%

Higher rates (18/28% for 2025/24 and 18/28% for 2023/24) may apply to the disposal of certain residential property.

Business Asset Disposal Relief

The first £1m of qualifying gains are charged at 10%.

 

2024/25
CO2 emissions g/km % of list price taxed
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 over 75g/km or more if the CO2 figure does not end in a 5 or 0 round down to the nearest 5 or 0.

2024/25
Car fuel benefit   £27,800
Van benefit £3,960
Van fuel benefit £757

 

 

2024/25
CO2 emissions g/km % of list price taxed
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 over 75g/km or more if the CO2 figure does not end in a 5 or 0 round down to the nearest 5 or 0.

2023/24
Car Fuel Benefit £27,800
Van Benefit £3,960
Van Fuel Benefit £757

Year to 31.03.24 and 31.03.25    Profits band £        Rate %            

Small profits rate                              0 – 50,000                      19

          Marginal rate                                    50,001 – 250,000        26.5

Main rate                                           Over 250,000                25

Marginal relief fraction                   3/200

Profits limits are reduced for a company with associated companies.  Different rates apply for ring-fenced (broadly oil industry) profit.

Year to 31.03.24 and 31.03.25    Profits band £        Rate %            

Small profits rate                           0 – 50,000                      19

          Marginal rate                                  50,001 – 250,000          26.5

Main rate                                         Over 250,000                25

Marginal relief fraction                 3/200

Profits limits are reduced for a company with associated companies.  Different rates apply for ring-fenced (broadly oil industry) profit.

Rates and bands (other than savings and dividend income)

 

               2023/24                                       2022/2023

 Band £                      Rate %             Band £                      Rate %

 0 – 37,700                20                    0 – 37,700                 20

 37,701 – 125,140    40                    37,701 – 150,000     40

 Over 125,140           45                    Over 150,000           45

Income tax rates in Scotland and Wales on income other than savings and dividend income has been devolved.

Savings Income                                  2023/24 and 2022/23

Savings allowance basic rate            £1,000

Savings allowance higher rate          £500

A starting rate of 0% may be available unless taxable non-savings income exceeds £5,000.

 

Dividend Income                               2023/24

Dividend allowance                          £1,000

Dividend ordinary rate                      8.75%

Dividend upper rate                          33.75%

Dividend additional rate                  39.35%

Rates and bands (other than savings and dividend income)

2023/2024                                      

Band £                     Rate %

 0 – 37,700                20

 37,701 – 125,140    40

 Over 125,140          45

Income tax rates in Scotland and Wales on income other than savings and dividend income had been devolved.

2022/2022      3

Band £                     Rate %

0 – 37,700                 20

37,701 – 150,000     40

Over 150,000           45

 

Savings Income                                  2023/24 and 2022/23

Savings allowance basic rate            £1,000

Savings allowance higher rate          £500

A starting rate of 0% may be available unless taxable non-savings income exceeds £5,000.

 

Dividend Income                               2023/24

Dividend allowance                          £1,000

Dividend ordinary rate                     8.75%

Dividend upper rate                         33.75%

Dividend additional rate                 39.35%

2024/25 2023/24
Personal Allowance £12,570 £12,570
Personal Allowance income limit £100,000 £100,000
Marriage allowance £1,260 £1,260
Married couple’s allowance £11,080 £10,375
-minimum amount £4,280 £4,010
-Income limit £37,000 £34,600
Blind Person’s allowance £3,070 £2,870

2024/25 2023/24
Personal Allowance £12,570 £12,570
Personal Allowance income limit £100,000 £100,000
Marriage allowance £1,260 £1,260
Married couple’s allowance £11,080 £10,375
-minimum amount £4,280 £4,010
-Income limit £37,000 £34,600
Blind Person’s allowance £3,070 £2,870

2024/25 2023/24
Overall investment limit £20,000 £20,000
Junior account investment limit   £9,000   £9,000

2024/25 2023/24
Overall investment limit £20,000 £20,000
Junior account investment limit   £9,000   £9,000

Death rate        Lifetime rate          Chargeable transfer                                                                         (2024/25 & 2023/24)

Nil                      Nil                            0 – £325,000 (nil rate band)

40%                   20%                          Over £325,000

A further nil rate band of £175,000 may be available in relation to current or former residences.

Death rate    

Nil

40%

 

Lifetime rate     

Nil

20%

 

Chargeable transfer (2024/25 & 2023/24)

0 – £325,000 (nil rate band)

Over £325,000

 

A further nil rate band of £175,000 may be available in relation to current or former residences.

Payment Dates                                               2022/23                       2023/24

Income Tax and Class 4 NIC

1st payment on account    31 January       2023                              2024

2nd payment on account  31 July               2023                              2024

Balancing payment            31 January        2024                              2025

Class 1A NIC                      19 July               2023                               2024

 

Corporation Tax – 9 months and one day after the end of the accounting period (quarterly instalments if a large company)

 

2022/23 Returns Filing Deadlines:

31 May 2023 – P60s to employees

6 July 2023 – P11D and P11D(b) and copies to employees

31 October 2023 – Paper Self Assessment Tax Return (SATR)

30 December 2023 – SATR Online where outstanding tax (subject to cap) to be included in 2024/25 PAYE code

31 January 2024 – SATR Online

Payment Dates                                               2022/23         

Income Tax and Class 4 NIC

1st payment on account    31 January       2023

2nd payment on account  31 July               2023

Balancing payment            31 January        2024

Class A1 NIC                       19 July               2023

 

Corporation Tax – 9 months and one day after the end of the accounting period (quarterly instalments if a large company)

2022/23 Returns Filing Deadlines:

31 May 2023 – P60s to employees

6 July 2023 – P11D and P11D(b) and copies to employees

31 October 2023 – Paper Self Assessment Tax Return (SATR)

30 December 2022 – SATR Online where outstanding tax (subject to cap) to be included in 2023/24 PAYE code

31 January 2024 – SATR Online

2024/25 Class 1 (employed) rates

Employee                                       Employer

Earnings per week      %               Earnings per week      %

Up to £242                   Nil              Up to £175                    Nil

£242.01 – £967             8               Over £175                    13.8

Over £967                      2

 

Entitlement to contribution-based benefits for employees retained for earnings between £123 and £242 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.

Class 1A (employers) 13.8% on employee taxable benefits

Class 1B (employers) 13.8% on PAYE Settlement Agreements

Class 2 (self-employed) nil (£3.45 per week where those with profits below £6,725 wish to make a voluntary contribution)

Class 3 (voluntary) flat rate per week £17.45

Class 4 (self-employed) 6% on profits between £12,570 and £50,270 plus 2% on profits over £50,270

 

2024/25 Class 1 (employed) rates

Employee                                      

Earnings per week      %             

Up to £242                    Nil

£242.01- £967              8

Over £967                     2

 

Employer                           

Earnings per week      %               

Up to £175                    Nil

Over £175                     13.8

Entitlement to contribution-based benefits for employees retained for earnings between £123 and £242 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.

Class 1A (employers) 13.8% on employee taxable benefits

Class 1B (employers) 13.8% on PAYE Settlement Agreements

Class 2 (self-employed) nil (£3.45 per week where those with profits below £6,725 wish to make a voluntary contribution).

Class 3 (voluntary) flat rate per week £17.45

Class 4 (self-employed) 6% on profits between £12,570 and £50,270 plus 2% on profits over £50,270

                                                                      2024/25             2023/24

Lifetime Allowance limit                           No LA Charge    No LA Charge

Annual Allowance limit                             £60,000               £60,000

Money Purchase Annual Allowance       £10,000               £10,000

                                                                      2024/25            

Lifetime Allowance limit                           No LA Charge

Annual Allowance limit                             £60,000

Money Purchase Annual Allowance       £10,000

                                                                       2023/24

Lifetime Allowance limit                           No LA Charge

Annual Allowance limit                             £60,000

Money Purchase Annual Allowance       £10,000

                                                                   2024/25    2023/24

Weekly benefit                                              £                £

Basic State Pension                              221.20      203.85

Old State Pension                                  169.50      156.20

Statutory pay standard rates

– Average weekly earnings £123 (£123) or over

Sick Pay                                                     116.75       109.40

Maternity/Adoption Pay                         184.03       172.48

Shared Parental Pay                                184.03       172.48

Paternity Pay                                             184.03      172.48

 

National Living Wage and National Minimum Wage

Age                                NLW       18-20     16-17    Apprentices Apprentices

From 1 April 2024       £11.44   £8.60     £6.40        £6.40   

Applies to apprentices under 19, or 19 and over in the first year of apprenticeship. NLW applies to those aged 21 and over.

                                                                   2023/24  

Weekly benefit                                              £               

Basic State Pension                                203.85

Old State Pension                                   156.20

                                                                   2024/25

Weekly benefit                                              £              

Basic State Pension                                221.20

Old State Pension                                    169.50

Statutory pay standard rates

– Average weekly earnings £123 (£123) or over

                                                                  2023/24

Sick Pay                                                     109.40

Maternity/Adoption Pay                         172.48

Shared Parental Pay                                172.48

Paternity Pay                                             172.48

                                                                   2024/25

Sick Pay                                                     116.75

Maternity/Adoption Pay                         184.03

Shared Parental Pay                                184.03

Paternity Pay                                             184.03

National Living Wage and National Minimum Wage

From 1 April 2024

NLW                  £11.44

18 – 20               £8.60

16 – 17               £6.40

Apprentices      £6.40

Applies to apprentices under 19, or 19 and over in the first year of apprenticeship. NLW applies to those aged 21 and over.

Land and buildings in England and N. Ireland

Residential rates may be increased by 3% where further residential properties are acquired.

Residential (£) Rate (%) Non-residential Band (£) Rate (%)
0 – 250,000 0 0 – 150,000 0
250,001 – 925,000 5 150,001 – 250,000 2
925,001 – 1,500,000 10 Over 250,000 5
Over 1,500,000 12

 

First-Time Buyer relief may apply to residential purchased up to £625,000*

*The residential property rules are scheduled to change from 1 April 2025

 

Land and buildings in England and N. Ireland

Residential rates may be increased by 3% where further residential properties are acquired.

Residential *Band (£) Rate (%) Non-residential Band(£) Rate (%)
0 – 250,000 0 0 – 150,000 0
250,001 – 925,000 5 150,001 – 250,000 2
925,000 – 1,500,000 10 Over 250,000 5
Over 1,500,000 12

First-Time Buyer relief may apply to residential purchased up to £625,000*

*The residential property rules are scheduled to change from 1 April 2025

2024/25 and 2023/24

Enterprise Investment Scheme (EIS)

Relief on investments in certain unquoted trading companies up to £1m per annum (£2m for knowledge intensive companies):

  • Income tax relief at 30%
  • Capital gains exemption on disposal
  • Unlimited amounts of capital gains from the disposal of other assets may be able to be deferred by making an EIS investment.

Seed Enterprise Investment Scheme (SEIS)

Relief on investments in certain unquoted trading companies up to £200,000* per annum:

  • Income tax relief at 50%
  • Capital gains exemption on disposal
  • Capital gains from the disposal of other assets may be exempt up to £100,000* per annum by making an SEIS investment.

Venture Capital Trusts (VCTs)

Relief on investments in certain quoted companies up to £200,000 per annum:

  • Income tax relief at 30%
  • Capital gains exemption on disposal
  • Dividends received from VCTs may be exempt from income tax.

2024/25 and 2023/24

Enterprise Investment Scheme (EIS)

Relief on investments in certain unquoted trading companies up to £1m per annum (£2m for knowledge intensive companies):

  • Income tax relief at 30%
  • Capital gains exemption on disposal
  • Unlimited amounts of capital gains from the disposal of other assets may be able to be deferred by making an EIS investment.

Seed Enterprise Investment Scheme (SEIS)

Relief on investments in certain unquoted trading companies up to £200,000* per annum:

  • Income tax relief at 50%
  • Capital gains exemption on disposal
  • Capital gains from the disposal of other assets may be exempt up to £100,000* per annum by making an SEIS investment.

Venture Capital Trusts (VCTs)

Relief on investments in certain quoted companies up to £200,000 per annum:

  • Income tax relief at 30%
  • Capital gains exemption on disposal
  • Dividends received from VCTs may be exempt from income tax.

                                                            From 01.04.23      From 01.04.22

Standard Rate                                  20%                         20%

Reduced Rate                                   5%*                          5%

Annual Registration Limit              £85,000                  £85,000

Annual Deregistration Limit           £83,000                  £83,000

 

From 01.04.23     

Standard Rate                                  20%

Reduced Rate                                   5%*

Annual Registration Limit              £85,000

Annual Deregistration Limit           £83,000

 

From 01.04.22

Standard Rate                                  20%

Reduced Rate                                   5%

Annual Registration Limit              £85,000

Annual Deregistration Limit           £83,000