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, 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)
2024/25 2023/24
Band £ Rate % Band £ Rate %
0 – 37,700 20 0 – 37,700 20
37,701 – 125,140 40 37,701 – 125,140 40
Over 125,140 45 Over 125,140 45
Income tax rates in Scotland and Wales on income other than savings and dividend income has been devolved.
Savings Income 2024/25 and 2023/24
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 2024/25 2023/24
Dividend allowance £500 £1,000
Dividend ordinary rate 8.75% 8.75%
Dividend upper rate 33.75% 33.75%
Dividend additional rate 39.35% 39.35%
Rates and bands (other than savings and dividend income)
2024/25
Band £ Rate %
0 – 37,700 20
37,701 – 125,140 40
Over 125,140 45
2023/24
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.
Savings Income 2024/25 and 2023/24
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 2024/25
Dividend allowance £500
Dividend ordinary rate 8.75%
Dividend upper rate 33.75%
Dividend additional rate 39.35%
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 2024/25 2023/24
Income Tax and Class 4 NIC Deadline 31/1/26 Deadline 31/1/25
1st payment on account 31 January 2025 2024
2nd payment on account 31 July 2025 2024
Balancing payment 31 January 2026 2025
Class 1A NIC 19 July 2025 2024
Corporation Tax – 9 months and one day after the end of the accounting period (quarterly instalments if a large company)
2023/24 Returns & Filing Deadlines:
31 May 2024 – P60s to employees
6 July 2024 – P11D and P11D(b) and copies to employees
31 October 2024 – Paper Self Assessment Tax Return (SATR)
30 December 2024 – SATR Online where outstanding tax (subject to cap) to be included in 2024/25 PAYE code
31 January 2025 – SATR Online
Payment Dates 2024/25
Income Tax and Class 4 NIC Deadline 31/1/26
1st payment on account 31 January 2025
2nd payment on account 31 July 2025
Balancing payment 31 January 2026
Class A1 NIC 19 July 2025
2023/24
Deadline 31/1/25
1st payment on account 31 January 2024
2nd payment on account 31 July 2024
Balancing payment 31 January 2025
Class A1 NIC 19 July 2024
Corporation Tax – 9 months and one day after the end of the accounting period (quarterly instalments if a large company)
2023/24 Returns & Filing Deadlines:
31 May 2024 – P60s to employees
6 July 2024 – P11D and P11D(b) and copies to employees
31 October 2024 – Paper Self Assessment Tax Return (SATR)
30 December 2024 – SATR Online where outstanding tax (subject to cap) to be included in 2023/24 PAYE code
31 January 2025 – 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 01.04.24 From 01.04.23
Standard Rate 20% 20%
Reduced Rate 5% 5%
Annual Registration Limit £90,000 £85,000
Annual Deregistration Limit £88,000 £83,000
From 01.04.24
Standard Rate 20%
Reduced Rate 5%
Annual Registration Limit £90,000
Annual Deregistration Limit £88,000
From 01.04.23
Standard Rate 20%
Reduced Rate 5%
Annual Registration Limit £85,000
Annual Deregistration Limit £83,000