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Current Tax Data

Corporation tax super-deduction on certain
plant and machinery until 31 March 2023,                                  130%

First Year Allowance (FYA) on certain plant,

machinery and cars of 0g/km                                                        100%

Corporation tax FYA on long-life assets, integral features

of buildings, etc. until 31 March 2023                                             50%

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

(£200,000 from 1 April 2023)

Excludes 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

 

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

£200,000 from 1 January 2023)

Excludes 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                                       2022/23       2021/22

Exemption                                        £12,300        £12,300

Standard rate                                   10%               10%

Higher/additional rate                    20%               20%

Trusts

Exemption                                        £6,150          £6,150

Rate                                                   20%               20%

Individuals                                       2022/23     

Exemption                                        £12,300

Standard rate                                   10%

Higher/additional rate                    20%

Trusts

Exemption                                        £6,150

Rate                                                   20%

 

Individuals                                       2021/22

Exemption                                        £12,300

Standard rate                                   10%

Higher/additional rate                    20%

Trusts

Exemption                                         £6,150

Rate                                                    20%

2021/22 2022/23
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.

2022/23
Car fuel benefit   £25,300
Van benefit £3,600
Van fuel benefit £688

 

2022/23
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
2020/21
CO2 emissions g/km % of list price taxed
0 0
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.

Van benefit
Van fuel benefit

                                     Rate %                                            Rate %

Year to 31.3.23               19             Year to 31.3.22            19

Different rates apply for ring-fenced (broadly oil industry) profit.

Rate (Year 31.3.23) %  19

Rate (Year 31.3.22) %  19

Different rates apply for ring-fenced (broadly oil industry) profit.

 

Rates and bands (other than savings and dividend income)

 

               2022/23                                       2021/2022

 Band £                      Rate %             Band £                      Rate %

 0 – 37,500                20                    0 – 37,500                 20

 37,701 – 150,000    40                    37,501 – 150,000     40

 Over 150,000           45                    Over 150,000            45

 

Savings Income                                  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                               2022/23

Dividend allowance                          £2,000

Dividend ordinary rate                      8.75%

Dividend upper rate                          33.75%

Dividend additional rate                  39.35%

Rates and bands (other than savings and dividend income)

2022/2023                                      

Band £                     Rate %

 0 – 37,500                20

 37,701 – 150,000    40

 Over 150,000          45

2021/2022       

Band £                     Rate %

0 – 37,500                 20

37,501 – 150,000     40

Over 150,000            45

 

Savings Income                                  2022/23 and 2021/22

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                               2022/23

Dividend allowance                          £2,000

Dividend ordinary rate                     8.75%

Dividend upper rate                         33.75%

Dividend additional rate                 39.35%

    2022/23 2021/22
Personal Allowance   £12,750 £12,750
Personal Allowance income limit   £100,000 £100,000
Marriage allowance   £1,260 £1,260
Married couple’s allowance   £9,415 £9,125
  -minimum amount £3,640 £3,530
  -Income limit £31,400 £30,400
Blind Person’s allowance   £2,600 £2,520

    2022/23 2021/22
Personal Allowance   £12,750 £12,750
Personal Allowance income limit   £100,000 £100,000
Marriage allowance   £1,260 £1,260
Married couple’s allowance   £9,415 £9,125
  -minimum amount £3,640 £3,530
  -Income limit £31,400 £30,400
Blind Person’s allowance   £2,600 £2,520

2022/23 2021/22
Overall investment limit £20,000 £20,000
Junior account investment limit   £9,000   £9,000

2022/23 2021/22
Overall investment limit £20,000 £20,000
Junior account investment limit   £9,000   £9,000

Death rate        Lifetime rate          Chargeable transfer (2022/23 & 2021/22)

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 (2022/23 & 2021/22)

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       

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 2 NIC                         31 January        2024

Capital Gains Tax              31 January        2024

Class 1A NIC                      19 July               2023

 

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

 

2021/22 Returns Filing Deadlines:

31 May 2022 – P60s to employees

6 July 2022 – P11D and P11D(b) and copies to employees

31 October 2022 – 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 2023 – 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 2 NIC                           31 January        2024

Capital Gains Tax                31 January        2024

Class A1 NIC                       19 July               2023

 

Payment Dates                                           2021/22

Income Tax and Class 4 NIC

1st payment on account    31 January       2022

2nd payment on account  31 July               2022

Balancing payment            31 January        2023

Class 2 NIC                         31 January        2023

Capital Gains Tax               31 January        2023

Class 1A NIC                      19 July               2022

 

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

2021/22 Returns Filing Deadlines:

31 May 2022 – P60s to employees

6 July 2022 – P11D and P11D(b) and copies to employees

31 October 2022 – 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 2023 – SATR Online

2022/23 Class 1 (employed) rates

Employee                                       Employer

Earnings per week      %               Earnings per week      %

Up to £190*                   Nil              Up to £175                    Nil

£190.01 – £967          13.25              Over £175                    15.05

Over £967                     3.25

 

Entitlement to contribution-based benefits for employees retained for earnings between £123 and £190* 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. (* £242 from 6 July 2022.)

 

Class 1A (employers) 15.05% on employee taxable benefits

Class 1B (employers) 15.05% on PAYE Settlement Agreements

Class 2 (self-employed) nil on profits between £6,725 and £11,908plus £3.15 per week where profits over £11,908

Class 3 (voluntary) flat rate per week £15.85

Class 4 (self-employed) 10.25% on profits between £11,908 and £50,270 plus 3.25% on profits over £50,270

 

2022/231 Class 1 (employed) rates

Employee                                      

Earnings per week      %             

Up to £190*                   Nil

£190.01* – £967           13.25

Over £967                     3.25

 

Employer                           

Earnings per week      %               

Up to £175                    Nil

Over £175                     15.05

 

Entitlement to contribution-based benefits for employees retained for earnings between £123 and £190* per week.

The employer rate is 0% for employees under 21 and apprentices under 25 on earnings up to £967 per week. (*£242 from 6 July 2022).

Class 1A (employers) 15.05% on employee taxable benefits

Class 1B (employers) 15.05% on PAYE Settlement Agreements

Class 2 (self-employed) nil on profits between £6,725 and £11,908 plus £3.15 per week where profits over £11,908.

Class 3 (voluntary) flat rate per week £15.85

Class 4 (self-employed) 10.25% on profits between £11,908 and £50,270 plus 3.25% on profits over £50,270

                                                                      2022/23             2021/22

Lifetime Allowance limit                           £1,073,100          £1,073,100

Annual Allowance limit                             £40,000               £40,000

Money Purchase Annual Allowance       £4,000                  £4,000

                                                                      2022/23            

Lifetime Allowance limit                           £1,073,100

Annual Allowance limit                             £40,000

Money Purchase Annual Allowance       £4,000

                                                                       2021/22

Lifetime Allowance limit                           £1,073,100

Annual Allowance limit                             £40,000

Money Purchase Annual Allowance       £4,000

                                                                   2022/23    2021/22

Weekly benefit                                              £                £

Basic State Pension                                185.15      179.60

Old State Pension                                  141.85       137.60

Statutory pay standard rates

– Average weekly earnings £123 (£120) or over

Sick Pay                                                    99.35         96.35

Maternity/Adoption Pay                         156.66       151.97

Shared Parental Pay                                156.66      151.97

Paternity Pay                                             156.66      151.97

 

National Living Wage and National Minimum Wage

Age                                NLW      21-24     18-20   16-17    Apprentices

From 1 April 2022       £9.50    £9.18     £6.83    £4.81    £4.81

Applies to apprentices under 19, or 19 and over in the first year of apprenticeship. NLW applies to those aged 23 and over.

                                                                   2022/23  

Weekly benefit                                              £               

Basic State Pension                                185.15

Old State Pension                                  141.85

                                                                   2021/22

Weekly benefit                                              £              

Basic State Pension                                179.60

Old State Pension                                  137.60

Statutory pay standard rates

– Average weekly earnings £123 (£120) or over

                                                                   2022/23

Sick Pay                                                    99.35

Maternity/Adoption Pay                         156.66

Shared Parental Pay                                156.66

Paternity Pay                                             156.66

                                                                   2021/22

Sick Pay                                                    96.35

Maternity/Adoption Pay                         151.97

Shared Parental Pay                                151.97

Paternity Pay                                             151.97

National Living Wage and National Minimum Wage

From 1 April 2022 

NLW                  £9.50

21 – 24              £9.18

18 – 20              £6.83

16 – 17              £4.81

Apprentices    £4.81

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 – 125,000 0 0 – 150,000 0
125,001 – 250,000 2 150,001 – 250,000 2
250,001 – 925,000 5 over 250,000 5
925,000 to 1,500,000 10
over 1,500,000 12

 

First-Time Buyer relief may apply to residential purchased up to £500,000

 

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 – 125,000 0 0 – 150,000 0
125,001 – 250,000 2 150,001 – 250,000 2
250,001 – 925,000 5 over 250,000 5
925,000 to 1,500,000 10
over 1,500,000 12

 

First-Time Buyer relief may apply to residential purchased up to £500,000

2022/23 and 2021/22

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 £100,000 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 £50,000 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.

All reliefs subject to detailed conditions being met.

2022/23 and 2021/22

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 £100,000 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 £50,000 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.

All reliefs subject to detailed conditions being met.

                                                            From 01.04.22      From 01.04.21

Standard Rate                                  20%                         20%

Reduced Rate                                   5%*                          5%

Annual Registration Limit              £85,000                  £85,000

Annual Deregistration Limit           £83,000                  £83,000

*12.5% for hospitality and tourism from 1 October 2021 – 31 March 2022.

From 01.04.22     

Standard Rate                                  20%

Reduced Rate                                   5%*

Annual Registration Limit              £85,000

Annual Deregistration Limit           £83,000

 

From 01.04.21

Standard Rate                                  20%

Reduced Rate                                   5%

Annual Registration Limit              £85,000

Annual Deregistration Limit           £83,000

*12.5% for hospitality and tourism from 1 October 2021 – 31 March 2022.