TAX RATES, ALLOWANCES AND RELIEFS FOR 2022/2023
|
|
£ (GBP) |
|
Income limit for personal allowance |
£100,000 |
|
Personal allowance |
£12,570 |
|
Married couple's allowance maximum amount (for those born before 6 April 1935) |
£ 9,415 |
|
Married couple's allowance minimum amount (for those born before 6 April 1935) |
£3,640 |
|
Transferable Tax Allowance for married couples and civil partners |
£1,260 |
|
Blind person's allowance |
£2,600 |
Income Tax Rates
|
Rate on taxable income |
Band, £(GBP) |
Rate,% |
|
Starting savings rate |
0 - £5,000 |
0* |
|
Basic rate |
£0 - £37,700 |
20** |
|
Higher rate |
£37,701 - £150,000 |
40*** |
|
Additional rate |
over £150,000 |
45**** |
|
* Starting savings rate is available for savings income only. The rate 0% is not available if taxable non-savings income exceeds £5,000. Dividend Allowance of £2,000 is tax free. |
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National Insurance Contributions
|
Weekly earnings £(GBP) |
Not contracted out |
|
Class I (employment) Employee’s rate |
|
|
Up to £190 |
Nil |
|
£190 to £967 |
13.25% |
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Over £967 |
2% |
|
Employer’s rates |
|
|
Employment allowance, per employer, per year* |
£4,000 |
|
Up to £175 |
Nil |
|
Above £175 |
15.05% |
|
Class 2 Annual small earning exception is £6,725 per year Class 2 rate per week is £3.15 |
|
|
Class 4 Lower annual earnings limit is £9,880 |
|
|
Upper annual earnings limit is £50,270 |
|
|
Class 4 rate below lower earnings limit |
0% |
|
Class 4 rate between lower and upper earnings limit |
10.25% |
|
Class 4 rate above upper earnings limit |
3.25% |
|
* From 6 April 2020, the employment allowance will only apply to companies with an NIC bill of less than £100,000. No employers NIC for employees aged under 21 (and apprentices up to age 25) on earnings up to £967 per week (the upper earnings limit). |
|
Capital Gains Tax
|
Standard rate taxpayers |
10% |
|
Higher& additional rate taxpayers |
20% |
|
Rates for trustees and personal representatives |
20% |
|
Individual annual exemption |
£12,300 |
|
Trusts annual exemption |
£6,150 |
|
Business asset disposal relief (Entrepreneurs’ relief) lifetime limit |
£1,000,000 |
|
Entrepreneurs' relief rate |
10% |
|
Residential property |
18% / 28% |
Individual Savings Accounts (ISAs) After 1 July 2014
|
Max annual contributions – Total overall annual investment limit a combination of amounts between a Cash and Stocks and Shares NISA, up to the overall annual limit of £20,000. |
£20,000 |
Stamp Duty (from 4 December 2014)
From 4 December 2014 the SDLT rates were changed by a new regime under which you will only pay the rate of tax on the part of the property price within each tax band.
3% surcharge in addition to the existing stamp duty land tax rates on additional or rental properties above £40,000 from 1 April 2016.
2% surcharge in addition to the existing stamp duty land tax rates if purchase is of residential property by certain non-UK residents on or after 1st April 2021.
5% surcharge in addition to the existing stamp duty land tax rates if purchase is of an additional residential property and by certain non-UK residents on or after 1st April 2021.
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