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,
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%
First Year Allowance (FYA) on certain plant, 100%
machinery and cars of 0g/km
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 2023/24 2022/23
Exemption £6,000 £12,300
Standard rate 10% 10%
Higher/additional rate 20% 20%
Trusts
Exemption £3,000 £6,150
Rate 20% 20%
Higher rates (18/28%) may apply to the disposal of certain residential property and carried interest.
Business Asset Disposal Relief
The first £1m of qualifying gains are charged at 10%.
Individuals 2023/24
Exemption £6,000
Standard rate 10%
Higher/additional rate 20%
Trusts
Exemption £3,000
Rate 20%
Higher rates (18/28%) may apply to the disposal of certain residential property and carried interest.
Business Asset Disposal Relief
The first £1m of qualifying gains are charged at 10%.
2023/24 | ||
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 | |
165 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 |
2023/24 | |
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 31.03.2024 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
For the year to 31.03.2023 the main rate of corporation tax was 19%. Special rules apply to accounting periods straddling 1 April 2023. For the year to 31 March 2024 the profits limits are reduced for a company with associated companies. Different rates apply for ring-fenced (broadly oil industry) profit.
Year to 31.03.2024 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
For the year to 31.03.2023 the main rate of corporation tax was 19%. Special rules apply to accounting periods straddling 1 April 2023. For the year to 31 March 2024 the 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%
2023/24 | 2022/23 | ||
Personal Allowance | £12,570 | £12,570 | |
Personal Allowance income limit | £100,000 | £100,000 | |
Marriage allowance | £1,260 | £1,260 | |
Married couple’s allowance | £10,375 | £9,415 | |
-minimum amount | £4,010 | £3,640 | |
-Income limit | £34,600 | £31,400 | |
Blind Person’s allowance | £2,870 | £2,600 |
2023/24 | 2022/23 | ||
Personal Allowance | £12,570 | £12,570 | |
Personal Allowance income limit | £100,000 | £100,000 | |
Marriage allowance | £1,260 | £1,260 | |
Married couple’s allowance | £10,375 | £9,415 | |
-minimum amount | £4,010 | £3,640 | |
-Income limit | £34,600 | £31,400 | |
Blind Person’s allowance | £2,870 | £2,600 |
2023/24 | 2022/23 | |
Overall investment limit | £20,000 | £20,000 |
Junior account investment limit | £9,000 | £9,000 |
2023/24 | 2022/23 | |
Overall investment limit | £20,000 | £20,000 |
Junior account investment limit | £9,000 | £9,000 |
Death rate Lifetime rate Chargeable transfer (2023/24 & 2022/23)
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 (2023/24 & 2022/23)
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
2023/24 Class 1 (employed) rates
Employee Employer
Earnings per week % Earnings per week %
Up to £242 Nil Up to £175 Nil
£242.01 – £967 12 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 on profits between £6,725 and £12,570plus £3.45 per week where profits over £12,570
Class 3 (voluntary) flat rate per week £17.45
Class 4 (self-employed) 9% on profits between £12,570 and £50,270 plus 2% on profits over £50,270
2023/24 Class 1 (employed) rates
Employee
Earnings per week %
Up to £242 Nil
£242.01- £967 12
Over £967 2
Employer
Earnings per week %
Up to £175 Nil
Over £175 13.8
Entitlement to contribution-based benefits 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 on profits between £6,725 and £12,570 plus £3.45 per week where profits over £12,570.
Class 3 (voluntary) flat rate per week £17.45
Class 4 (self-employed) 9% on profits between £12,570 and £50,270 plus 2% on profits over £50,270
2023/24 2022/23
Lifetime Allowance limit No LA Charge £1,073,100
Annual Allowance limit £60,000 £40,000
Money Purchase Annual Allowance £4,000 £4,000
2023/24
Lifetime Allowance limit No LA Charge
Annual Allowance limit £60,000
Money Purchase Annual Allowance £4,000
2022/23
Lifetime Allowance limit £1,073,100
Annual Allowance limit £40,000
Money Purchase Annual Allowance £4,000
2023/24 2022/23
Weekly benefit £ £
Basic State Pension 203.85 185.15
Old State Pension 156.20 141.85
Statutory pay standard rates
– Average weekly earnings £123 (£123) or over
Sick Pay 109.40 99.35
Maternity/Adoption Pay 172.48 156.66
Shared Parental Pay 172.48 156.66
Paternity Pay 172.48 156.66
National Living Wage and National Minimum Wage
Age NLW 21-24 18-20 16-17 Apprentices
From 1 April 2023 £10.42 £10.18 £7.49 £5.28 £5.28
Applies to apprentices under 19, or 19 and over in the first year of apprenticeship. NLW applies to those aged 23 and over.
2023/24
Weekly benefit £
Basic State Pension 203.85
Old State Pension 156.20
2022/23
Weekly benefit £
Basic State Pension 185.15
Old State Pension 141.85
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
2022/23
Sick Pay 99.35
Maternity/Adoption Pay 156.66
Shared Parental Pay 156.66
Paternity Pay 156.66
National Living Wage and National Minimum Wage
From 1 April 2023
NLW £10.42
21 – 24 £10.18
18 – 20 £ 7.49
16 – 17 £ 5.28
Apprentices £ 5.28
Applies to apprentices under 19, or 19 and over in the first year of apprenticeship. NLW applies to those aged 23 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 (£) | 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
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 (£) | 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
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.
* Limits subject to Parliamentary approval.
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.
* Limits subject to Parliamentary approval.
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