2022/23

2023/24

Income Tax

Personal Allowances (Tax Free Amounts)

£12,570

Tax on Taxable Income

(In Excess of Tax Free Amounts)

Up to £37,700

20%

Up to £37,700

20%

£37,701 to £125,140

40%

£37,701 to £150,000

40%

Over £150,000

45%

National Insurance

Class 1 Contributions (Employee Contributions)

Lower earnings limit

£6,396 (£123 pw)

0%

0%

Primary threshold

£12,570 (£242 pw)

13.25%

12%

Upper earnings limit

£50,270 (£967 pw)

2%

2%

Employers Contributions

£0 to £12,570

0%

0%

Employers Contributions

Over £12,570 (£242 pw)

15.05%

13.8%

Class 2 Contributions (Self Employed)

Weekly flat rate

£3.15

£3.45

Weekly flat rate if earnings over £6,725 per year

Class 4 Contributions (Self Employed)

On annual profits between £12,570 and £50,270

10.25%

9%

On annual profits in excess of £50,271

3.25%

2%

Capital Gains Tax

Residential Property and interest

Rate for individuals up to basic rate tax band

18%

Excluding residential property

Rate for individuals up to basic rate tax band

10%

For chargeable gains in excess of:-

£12,300

£6,000

For higher rate tax payers add 10% to each rate shown above

Inheritance Tax

Nil rate tax band

£325,000

£325,000

Rate of tax on the excess value of the estate

40%

40%

Corporation Tax (Effective Rates on Companies)

Tax rate per financial year

Up to £50,000

19%

19%

Value Added Tax

Registration level (based on a rolling 12 month period)

£85,000

£85,000

Standard rate

20%

20%