Income Tax Rates: England, Wales & NI |
2022-2023
% |
2021-2022
% |
2020-2021
% |
2019-2020
% |
Basic tax rate | 20 |
20 |
20 |
20 |
Higher tax rate | 40 |
40 |
40 |
40 |
Additional tax rate | 45 |
45 |
45 |
45 |
Basic rate band (above personal allowance) | £0 - £37,700 |
£0 - £37,700 |
£0 - £37,500 |
£0 - £37,500 |
Higher rate band | £37,701 to £150,000 |
£37,701 to £150,000 |
£37,501 to £150,000 |
£37,501 to £150,000 |
Additional rate band | Over £150,000 |
Over £150,000 |
Over £150,000 |
Over £150,000 |
Income Tax Rates: Scotland on non-dividends and non-savings income
|
2022-2023
% |
2021-2022
% |
2020-2021
% |
2019-2020
% |
Starter tax rate | 19 |
19 |
19 |
19 |
Basic tax rate | 20 |
20 |
20 |
20 |
Intermediate tax rate | 21 |
21 |
21 |
21 |
Higher tax rate | 41 |
41 |
41 |
41 |
Top tax rate | 46 |
46 |
46 |
46 |
Starter tax rate band (above personal allowance) | £0 - £2,162 |
£0 - £2,097 |
£0 - £2,085 |
£0 - £2,049 |
Basic tax rate band | £2,163 - £13.118 |
£2,098 - £12.726 |
£2,086 - £12,658 |
£2,050 - £12,444 |
Intermediate tax rate band | £13,119 £31,092 |
£12,727 £31,092 |
£12,659 - £30,930 |
£12,445 - £30,930 |
Higher rate band | £31,093 to £150,000 |
£31,093 to £150,000 |
£30,931 to £150,000 |
£30,931 to £150,000 |
Top tax rate band | Over £150,000 |
Over £150,000 |
Over £150,000 |
Over £150,000 |
Income on Savings: Restricted to other income of less than £17,500
|
2022-2023
% |
2021-2022
% |
2020-2021
% |
2019-2020
% |
Starting rate for savings | 0 |
0 |
0 |
0 |
Starting rate band for savings | £0 - £5,000 |
£0 - £5,000 |
£0 - £5,000 |
£0 - £5,000 |
Income on Dividends: |
2022-2023
% |
2021-2022
% |
2020-2021
% |
2019-2020
% |
Allowance for tax-free dividends | £2,000 |
£2,000 |
£2,000 |
£2,000 |
Tax on dividends at Basic Effective Rate | 8.75 |
7.5 |
7.5 |
7.5 |
Tax on dividends at Higher Effective Rate | 33.75 |
32.5 |
32.5 |
32.5 |
Tax on dividends at Additional Effective Rate | 39.35 |
38.1 |
38.1 |
38.1 |
Personal
allowances
|
2022-2023
|
2021-2022
|
2020-2021
|
2019-2020
|
Standard payroll tax code | 1257L |
1257L |
1250L |
1250L |
Personal allowance (1) | £12,570 |
£12,570 |
£12,500 |
£12,500 |
Income limit for Personal Allowance | £100,0000 |
£100,0000 |
£100,0000 |
£100,0000 |
Marriage Allowance (Tfrs between couples) | £1,260 |
£1,260 |
£1,250 |
£1,250 |
Marriage Allowance: To benefit - Lower earner's limit | £12,500 |
£12,500 |
£12,500 |
£12,500 |
Max Married Couples Allowance (2) | £9,075 |
£9,075 |
£9,075 |
£8,915 |
Min Married Couples Allowance (2) | £3,510 |
£3,510 |
£3,510 |
£3,450 |
Income limit for Married Couples Allowance (2) | £30,200 |
£30,200 |
£30,200 |
£29,600 |
Blind person's allowance | £2,600 |
£2,500 |
£2,500 |
£2,450 |
Dividend allowance (3) | £2,000 |
£2,000 |
£2,000 |
£2,000 |
Personal Savings Allowance (Basic Rate Taxpayer) | £1,000 |
£1,000 |
£1,000 |
£1,000 |
Personal Savings Allowance (Higher Rat Taxpayer) | £500 |
£500 |
£500 |
£500 |
Individual Saving Account (ISA) - Overall annual limit | £20,000 |
£20,000 |
£20,000 |
£20,000 |
Individual Saving Account (ISA) - Junior account limit | £9,000 |
£9,000 |
£9,000 |
£4,368 |
Personal Annual Pension Allowance 100% of salary up to: | £40,000 |
£40,000 |
£40,000 |
£40,000 |
Permitted pension contributions (irrespective of salary) | £4,000 |
£4,000 |
£4,000 |
£4,000 |
Note 1: Where income is above £100,000 the Personal Allowance reduces by £1 for every £2 of income above the £100,000 limit. It can go down to zero. This reduction applies to all people irrespective of age or date of birth. | ||||
Note 2: The Married Couples allowances applies to those born before 6 April 1935. The allowance reduces by £1 for every £2 of income above the specified income limit of £27,700, but never falls below the minimum amount specified above. Tax relief for the Married Couples Allowance is given at 10%. | ||||
Note 3: From April 2016, the dividend tax credit system was withdrawn. Instead, individuals will be given an annual tax-free allowance. | ||||
State Pension
(from 6th April) |
2022-2023
|
2021-2022
|
2020-2021
|
2018-2019
|
Old State Pension - Single allowance | £137.65 |
£137.65 |
£134.25 |
£129.20 |
New State Pension (applies to those reaching retirement age after 5 April 2016) | £179.60 |
£179.60 |
£175.20 |
£168.60 |
Key dates in 2022/23 for personal Self Assessment tax payers |
|
31 January 2023 | Deadline for submitting online your 2021/2022 self assessment tax return. It is also the date by which the tax payer will be required to settle the 2021/2022 balancing payment and make the first payment on account in respect of 2022/2023. |
31 July 2022 | The date by which the second payment on account in respect of 2021/2022 must be paid. Consider reducing POA's if last year's income has dropped. |
5 October 2022 | Deadline for notifying HMRC of new sources of income unless a 2021/2022 tax return has already been issued. Complete form CWF1 for self employment, form SA1 for non self-employed income, or form SA401 for partners. |
31 October 2022 | Deadline for submission to HMRC of a paper tax return for 2021/2022. |
30 December 2022 | Deadline for e-filing the tax return where the tax payer requires the 2021/2022 balancing payment to be collected through next year’s tax code (less than £2,000). |
Capital
Gains Tax |
2022-2023
£ |
2021-2022
£ |
2020-2021
£ |
2019-2020
£ |
Annual exempt amount: | ||||
- Individuals etc | £12,300 |
£12,300 |
£12,300 |
£12,000 |
- Other Trustee | £6,150 |
£6,150 |
£6,150 |
£6,000 |
- Taxed at Standard Rate | 10% |
10% |
10% |
10% |
- Taxed at Higher Rate | 20% |
20% |
20% |
20% |
|
Inheritance
Tax |
2022-23
£ |
2021-22
£ |
2020-21
£ |
2019-20
£ |
No tax charge arises up to: | £325,000 |
£325,000 |
£325,000 |
£325,000 |
Taxed above £325,000 at: | 40% |
40% |
40% |
40% |
Lifetime transfers to most trusts: | 20% |
20% |
20% |
20% |
Main exempt lifetime gifts | Small gifts (per recipient): | £250 |
£250 |
£250 |
£250 |
Parent's gift on marriage: | £5,000 |
£5,000 |
£5,000 |
£5,000 |
Grandparent's gift on marriage: | £2,500 |
£2,500 |
£2,500 |
£2,500 |
Gifts (per donor): | £3,000 |
£3,000 |
£3,000 |
£3,000 |
|
Residential Property Stamp Duty |
England & NI
SDLT |
Scotland
LBTT |
Wales
LTT |
£0 - £125,000 | Nil |
Nil |
Nil |
£125,000 - £145,000 | 2% |
Nil |
Nil |
£145.000 - £180,000 | 2% |
2% |
Nil |
£180,000 - £250,000 | 2% |
2% |
3.5% |
£250,000 - £325,000 | 5% |
5% |
5% |
£325,000 - £400,000 | 5% |
10% |
5% |
£400,000 - £750,000 | 5% |
10% |
7.50% |
£750,000 - £925,000 | 5% |
12% |
10% |
£925,000 - £1.5m | 10% |
12% |
10% |
Above £1.5m | 12% |
12% |
12% |
|
National Insurance Class 1 |
2022-2023
£ |
2021-2022
£ |
2020-2021
£ |
Class 1 Men over 65, Women over 60, and children under 16 do not pay Class 1 contributions. |
|||
Employee's Earnings Limits | Weekly - Monthly - Yearly |
Weekly - Monthly - Yearly |
Weekly - Monthly - Yearly |
- Lower earnings limit (LEL) The minimum level of earnings employees need to qualify for benefit including State Pension. |
£123 - £533 - £6,396 |
£120 - £520 - £6,240 |
£120 - £520 - £6,240 |
- Primary threshold (PT) The level of earnings above which employees Class 1 contributions become payable. |
£190 - £823 - £9,880 |
£184 - £797 - £9,568 |
£183 - £792 - £9,500 |
- Secondary threshold (ST) The level of earnings above which employers Class 1 contributions become payable. |
£175 - £758 - £9,100 |
£170 - £737 - £8,840 |
£169 - £732 - £8,788 |
- Upper earnings limit (UEL) Employees do not pay Class 1 contributions above this level. |
£967 - £4,189 - £50,270 |
£967 - £4,189 - £50,270 |
£962 - £4,167 - £50,024 |
Employer's Allowance | £4,000 |
£4,000 |
£3,000 |
Employee's Class 1 NI rates | |||
- Primary rate from PT to UEL | 13.25% |
12% |
12% |
- Above UEL | 3.25% |
2% |
2% |
Employer's Class 1 NI rates | |||
- Primary rate above ST | 15.05% |
13.8% |
13.8% |
Employer's Class 1A NI rates on B-I-K | 15.05% |
13.8% |
13.8% |
National
Insurance Class 2 |
2022-2023
£ |
2021-2022
£ |
2020-2021
£ |
2019-2020
£ |
Self-employed National Insurance | ||||
- on annual earnings over | £6,725 |
£6,515 |
£6,475 |
£6,365 |
- weekly contribution | £3.15 |
£3.05 |
£3.05 |
£3.00 |
- maximum annual contribution | £163.80 |
£158.60 |
£158.60 |
£156.00 |
National
Insurance Class 3 |
2022-2023
£ |
2021-2022
£ |
2020-2021
£ |
2019-2020
£ |
Voluntary contributions: | ||||
- weekly contribution | £15.85 |
£15.40 |
£15.30 |
£15.00 |
- annual contribution | £824.20 |
£800.80 |
£795.60 |
£780.00 |
National
Insurance Class 4 |
2022-2023
£ |
2021-2022
£ |
2020-2021
£ |
2019-2020
£ |
Self-employed National Insurance on taxable profits between: | ||||
- Lower limit (LL) | £9,880 |
£9,568 |
£9,500 |
£8,632 |
- Upper limit (UL) | £50,270 |
£50,270 |
£50,000 |
£50,000 |
- Rate applied to earnings above LL to UL | 10.25% |
9% |
9% |
9% |
- Rate applied to earnings above UL | 3.25% |
2% |
2% |
2% |
- Maximum payable | £4,140 + 2% |
£3,663 + 2% |
£3,645 + 2% |
£3,723.12 + 2% |
Mileage
Rates to be used for privately owned vehicles from 6 April 2011 |
First 10,000 miles
|
Above 10,000 miles
|
Cars and vans | 45p |
25p |
Motorcycles | 24p |
24p |
Cycles | 20p |
20p |
VAT
thresholds and limits |
Registration
threshold |
Deregistration limit |
from 1 April 2017 to date | £85,000 |
£83,000 |
01.04.16 to 31.03.17 | £83,000 |
£81,000 |
01.04.15 to 31.03.16 | £82,000 |
£80,000 |
01.04.14 to 31.03.15 | £81,000 |
£79,000 |
01.04.13 to 31.03.14 | £79,000 |
£77,000 |
01.04.12 to 31.03.13 | £77,000 |
£75,000 |
01.04.11 to 31.03.12 | £73,000 |
£71,000 |
Van Benefits |
2022-2023 |
2021-2022 |
2020-2021 |
2019-2020 |
Van benefit | £3,600 |
£3,500 |
£3,490 |
£3,430 |
Zero-emission van benefit | - |
- |
£2,792 |
£2,058 |
Fuel benefit | £688 |
£669 |
£666 |
£655 |
Corporation Tax |
From 01-04-22
£ |
From 01-04-21
£ |
From 01-04-20
£ |
From 01-04-19
£ |
Main rate: | 19% |
190% |
19% |
19% |
Loans to participators | 33.75% |
32.5% |
32.5% |
32.5% |
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