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Tax Tables

Handy Tax Tables
for reference by our clients

Inheritance Tax

2023-24

2022-23

Nil rate band for individuals*

£325,000

£325,000

Thereafter – lifetime gifts**

20%

20%

– lower rate on death***

36%

36%

– on death

40%

40%

Residence nil rate band****

£175,000

£175,000

* Unused nil rate band can be used by surviving spouse or civil partner. The Nil Rate Band and Residence Nil Rate Band will be fixed at £325,000 and £175,000 until April 2028.

** Increased to 40%, subject to tapering relief, on gifts made between 3 and 7 years pre death. Certain lifetime gifts are exempt. Special rules for business property.

*** A lower rate applies where 10% or more of the net estate is left to charity.

**** The inheritance tax main residence nil-rate band (MRNRB) was introduced in April 2017. The MRNRB allows for a £175,000 per person transferable allowance for married couples and civil partners when their main residence is passed down to children after their death. The MRNRB is in addition to the existing £325,000 inheritance tax threshold.

Net estates over £2,000,000 have RNRB reduced by £1 for every £2 and lost when estate is £2,350,000.

 

 

Years before death

0-3

3-4

4-5

5-6

6-7

% of death charge

100%

80%

60%

40%

20%

 

 

Main exempt lifetime gifts

Recurring annual gifts out of surplus income

 

Annual gifts out of capital (with one year carry forward if unused)

£3,000

Small gifts (per recipient)

£250

Parental gift on marriage

£5,000

Grandparent or party to marriage

£2,500

Other gifts on marriage (per donor)

£1,000

 

 

Business Property Relief

Shares in unquoted companies (including USM/AIM stocks)

100%

 

 

Shares in quoted companies

– shareholding up to 50%

none

– shareholding over 50%

50%

Unincorporated business or interest in a business

100%

Land, buildings, plant and machinery used in the deceased’s business/company

50%

National Insurance – Rates and Allowances

2023-24

2022-23

Lower weekly earnings limit, primary Class 1

£123

£123

Upper weekly earnings limit, primary Class 1

£967

£967

Primary weekly earnings threshold
* The primary earnings threshold increased to £12,570 (£242 weekly) from 6 July 2022.

£242

£190*

Secondary weekly earnings threshold

£175

£175

Employees’ primary Class 1 rate between primary earnings threshold and upper earnings limit

12.00%

12.00%

Employees’ primary Class 1 rate above upper earnings limit

2.00%

2.00%

Married women’s reduced rate between primary earnings threshold and upper earnings limit
Period 06/04/2022 – 05/11/2022: 7.1%

5.85%

5.85%

Married women’s rate above upper earnings limit

2.00%

2.00%

Employers’ secondary Class 1 rate above secondary earnings threshold
Period 06/04/2022 – 05/11/2022: 15.05%

13.80%

13.80%

Class 2 weekly rate

£3.45

£3.15

Class 2 small earnings exception

£6,725 peryear

£6,725 peryear

Class 2 weekly

£3.45

£3.15

Special Class 2 weekly rate for share fishermen

£4.10

£3.80

Class 3 voluntary weekly rate

£17.45

£15.85

Class 4 lower Profits limit

£12,570 per year

Apr – Jun
£9,880

 

£12,570 per year

Jul – Mar
£12,570

Class 4 upper Profits limit

£50,270 per year

£50,270 per year

Class 4 rate between lower profits limit and upper profits limit

9.00%

Apr – Oct
10.25%

 

9.00%

Nov -Mar
9.00%

Class 4 rate above upper profits limit

2.00%

Nov -Mar
3.25%

 

2.00%

Nov -Mar
2.00%

A NI tax free allowance of £5,000 for 2023/24 (2022/23 – £5,000) is available to offset against employers’ Class 1 secondary NICs subject to certain restrictions.

No employers’ contributions are payable in respect of weekly earnings up to £967 paid to employees under 21 nor for qualifying apprentices aged under 25.

Individuals normally don’t pay NI beyond State Pension age, but employer contributions continue.

 

Capital Gains Tax: Individuals and Trustees

2023-24

2022-23

Annual exempt amount

Individuals

£6,000

£12,300

Trusts

£3,000

£6, 150

Rates

Standard rate taxpayers

10%

10%

Higher rate taxpayers / Trustees

20%

20%

Limit for gains subject to Business Property Relief

£,1,000,000

£,1,000,000

Business Property Relief rate

10%

10%

Investors’ relief lifetime limit

£10,000,000

£10,000,000

Investors’ relief rate

10%

10%

 

* There is an 8% surcharge on the sale of chargeable residential property and carried interest (the share of profits or gains that is paid to asset managers).

Tax Credits

2023-24

2022-23

Basic element – maximum

£2,280

£2,070

Childcare element 70% of eligible costs up to £175 per week for one child, £300 for two or more children.

Child Tax Credits

2023-24

2022-23

Child element per child – maximum

£3,235

£2,935

Family element

£545

£545

If only the child tax credit is claimed, the threshold is £18,725 p.a.

Pension Contributions*

2023-24

2022-23

Lifetime allowance

£1,073,100

£1,073,100

Maximum annual contribution

£60,000

£40,000

Tax on excess

Marginal rate

Marginal rate

Normal minimum pension age

55

55

 

Old State pension – per week**

2023-24

2022-23

Single person

£156.20

£141.85

Addition for wife if non-contributor

£93.60

£85.00

 

New State Pension – per week

2023-24

2022-23

Single person

£203.85

£185.15

*The lifetime allowance will be abolished in the 2024/25 tax year.

For those with an income over £200,000, the annual allowance is reduced by £1 for every £2 that adjusted income exceeds £260,000 subject to a minimum allowance of £10,000

**Retirees that reached the State Pension age before 6 April 2016,
will continue to receive the old state pension and not the new state pension.

 

Bands

2023-24

2022-23

Savings starting rate – 0%*

£0 – £5,000

£0 – £5,000

Basic rate 20%**

£0-£37,700

£0-£37,700

Higher rate 40%

£37,701– £125,140

£37,701– £150,000

Additional rate 45%

Over £125,140

Over £150,000

 

Scottish rates***

2023-24

2022-23

Starter rate 19% on taxable income

£12,571 – £14,732

£12,571 – £14,732

Basic rate 20%

£14,733 – £25,688

£14,733 – £25,688

Intermediate rate – 21%

£25,689 – £43,662

£25,689 – £43,662

Higher rate – 42%

£43,662- £125,140

N/A

Higher rate – 41%

N/A

£43,663 – £150,000

Top rate – 47%

Over £125,140

N/A

Top rate – 46%

N/A

Over £150,000

* Savings income is taxed at 0% up to £5,000 (0% up to £5,000). If an individual’s
taxable non-savings income exceeds £5,000 then the savings rate will not be available.
** The basic rate band will be frozen at £37,700 until April 2028.
*** The Scottish Rate of Income Tax (SRIT) is payable on the non-savings and non-dividend
income of those defined as Scottish taxpayers.

Dividend rates

2023-24

2022-23

Dividend allowance

£1,000

£2,000

Dividend ordinary rate

8.75%

8.75%

Dividend upper rate

33.75%

33.75%

Dividend additional rate

39.35%

39.35%

Personal savings allowance

2023-24

2022-23

– basic rate taxpayers

£1,000

£1,000

– higher rate taxpayers

£500

£500

Reliefs

2023-24

2022-23

Personal allowance

£12,570

£12,570

Registered blind person’s allowance

£2,870

£2,600

Income limit for personal allowance*

£100,000

£100,000

* The personal allowance is gradually withdrawn by £1 for every £2 of income over £100,000.

Married couple allowance – tax relief given at 10%

2023-24

2022-23

– Born before 6 April 1935

£10,375

£9,415

– Minimum amount*

£4,010

£3,640

– Income limit

£34,600

£31,400

– Marriage allowance*

£1,260

£1,260

* A taxpayer can transfer up to £1260 – 20223/24 (£1,260 – 2022/23) of their unused personal allowance to a spouse or civil partner who is not a higher rate tax payer.

High Income Child Benefit Charge*

2023-24

2022-23

on income over

£50,000

£50,000

* The tax charge is levied at the rate of 1% of the full child benefit award for each £100 that income exceeds £50,000, up to a maximum of 100% of the child benefit claimed.
Taxpayers can choose whether to continue receiving child benefit and pay the tax charge or may opt out of receiving the child benefit.

There is a cap on certain Income Tax reliefs of the greater of £50,000 or 25% of income.

Stamp Duty and Annual Tax on Enveloped Dwellings
Shares and securities rate 0.5%

The annual tax on Enveloped Dwellings (ATED) is payable by certain non-natural persons that own interests in dwellings valued at more than £500,000.

Stamp Duty and Stamp Duty Land Tax (SDLT)
Property in England, Wales and N. Ireland

Rate

Residential Property

Zero

£0 – £250,000

5%

£250,001 – £925,000

10%

£925,001 – £1,500,000

12%

Over £1,500,000

SDLT on non-residential and mixed-use properties.

Rate

Non-Residential Property

Zero

£0 – £150,000

2%

£150,001 – £250,000

5%

Over £250,000

These rates are applied on a graduated basis with the portion of the purchase price within each tier charged at the applicable rate.

15% is applied to residential properties held in a ‘corporate envelope’ costing over £500,000.

There is a higher rate of SDLT that applies to purchases of additional residential property such as buy to let and second homes. The rate is 3% higher than the current SDLT rates and applies to the purchase of additional residential properties valued at £40,000 and above.

 

Scotland: Land & buildings transaction tax (SLBTT)
Property in Scotland

Rate

Residential Property

Zero*

£0 – £145,000

2%

£145,001 – £250,000

5%

£250,001 – £325,000

10%

£325,001 – £750,000

12%

Over £750,000

*First time buyers: 0% on the first £175,000

 

Non-Residential and mixed-use properties.

Rate

Non-Residential Property

Zero

£0 – £150,000

1%

£150,001 – £250,000

5%

Over £250,000

 

Wales – Land Transaction Tax (LTT)
Property in Wales

Rate

Residential Property

Zero

£0 – £225,000

6%

£225,001 – £400,000

7.5%

£400,001 – £750,000

10%

£750,001 – £1,500,000

12%

Over £1,500,000

 

Non-Residential and mixed-use properties.

Rate

Non-Residential Property

Zero

£0 – £225,000

1%

£225,001 – £250,000

5%

£250,001 – £1,000,000

6%

Over £1,000,000

These rates are applied on a graduated basis with the portion of the purchase price within each tier charged at the applicable rate.

There are currently no further measures specifically targeting first-time buyers in Wales.

There is a WLTT higher rate supplement of 3% on purchases of additional residential properties costing £40,000 or more.

National Living Wage

2023-24

2022-23

Age 23 & over

£10.42 p.h.

£9.50 p.h.

 

National Minimum Wage

2023-24

2022-23

Aged 23+

£10.42 p.h.

£9.50 p.h.

Aged 21 to 22

£10.18 p.h.

£9.18 p.h.

Aged 18 to 20

£7.49 p.h.

£6.83 p.h.

Aged 16 and 17

£5.28 p.h.

£4.81 p.h.

Apprentice rate

£5.28 p.h.

£4.81 p.h.

Rates and Limits

2023-24

2022-23

Standard rate

20%

20%

Reduced rate

5%

5%

Zero rate

0%

0%

Domestic Fuel

5%

 

Annual registration limit (from 1 April 2017)

£85,000

£85,000

Annual deregistration limit (from 1 April 2017)

£83,000

£83,000

VAT Cash accounting scheme threshold

£1,350,000

£1,350,000

VAT Annual accounting scheme threshold

£1,350,000

£1,350,000

Rates and Limits (£)

2023-24

2022-23

Main rate

25%

19%

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)

Corporation tax rates are set for each Financial Year. A Financial Year runs from 1 April to the following 31 March.

If the accounting period of a company straddles the 31 March, the profits are apportioned on a time basis to each Financial Year.

For the year to 31.3.23 the main rate of corporation tax was 19%. Special rules apply to accounting periods straddling 1 April 2023. For the year to 31.3.24 the profits limits are reduced for a company with associated companies. Different rates apply for ring-fenced (broadly oil industry) profit.

Company Car Tax BIK Rates – Cars registered before 6th April 2020

% of P11D price

2023/24
CO2 g/km/
(electric mileage range)

2022/23
CO2 g/km/
(electric mileage range

2021/22
CO2 g/km/
(electric mileage range)

2020/21
CO2 g/km/
(electric mileage range)

0

n/a

n/a

n/a

n/a

1

n/a

n/a

0

n/a

2

0-50
(up to130 miles)

0-50
(up to130 miles)

0-50
(up to130 miles)

0-50
(up to130 miles)

5

1-50
(70-129 miles)

1-50
(70-129 miles)

1-50
(70-129 miles)

1-50
(70-129 miles)

8

1-50
(40-69 miles)

1-50
(40-69 miles)

1-50
(40-69 miles)

1-50
(40-69 miles)

12

1-50
(30-39 miles)

1-50
(30-39 miles)

1-50
(30-39 miles)

1-50
(30-39 miles)

14

1-50
(under 30 miles)

1-50
(under 30 miles)

1-50
(under 30 miles)

1-50
(under 30 miles)

15

51-54

51-54

51-54

51-54

16

55-59

55-59

55-59

55-59

17

60-64

60-64

60-64

60-64

18

65-69

65-69

65-69

65-69

19

70-74

70-74

70-74

70-74

20

75-79

75-79

75-79

75-79

21

80-84

80-84

80-84

80-84

22

85-89

85-89

85-89

85-89

23

90-94

90-94

90-94

90-94

24

95-99

95-99

95-99

95-99

25

100-104

100-104

100-104

100-104

26

105-109

105-109

105-109

105-109

27

110-114

110-114

110-114

110-114

28

115-119

115-119

115-119

115-119

29

120-124

120-124

120-124

120-124

30

125-129

125-129

125-129

125-129

31

130-134

130-134

130-134

130-134

32

135-139

135-139

135-139

135-139

33

140-144

140-144

140-144

140-144

34

145-149

145-149

145-149

145-149

35

150-154

150-154

150-154

150-154

36

155-159

155-159

155-159

155-159

37

160+

160+

160+

160+

For each tax year add 4% for diesel cars up to a maximum of 37%. Cars that meet the Real Driving Emissions Step 2 (RDE2) standard are exempt.

Company Car Tax BIK Rates – Cars registered from 6th April 2020

% of P11D price

2023/24
CO2 g/km/
(electric mileage range

2022/23
CO2 g/km/
(electric mileage range)

2021/22
CO2 g/km/
(electric mileage range)

2020/21
CO2 g/km/
(electric mileage range)

1

N/A

N/A

0-50
(up to130 miles)

0

2

0-50
(up to130 miles)

0-50
(up to130 miles)

N/A

N/A

3

N/A

N/A

N/A

1-50
(70-129 miles)

4

N/A

N/A

1-50
(70-129 miles)

N/A

5

1-50
(70-129 miles)

1-50
(70-129 miles)

N/A

N/A

6

N/A

N/A

N/A

1-50
(40-69 miles)

7

N/A

N/A

1-50
(40-69 miles)

N/A

8

1-50
(40-69 miles)

1-50
(40-69 miles)

N/A

N/A

10

N/A

N/A

N/A

1-50
(30-39 miles)

11

N/A

N/A

1-50
(30-39 miles)

N/A

12

1-50
(30-39 miles)

1-50
(30-39 miles)

N/A

1-50
(under 30 miles)

13

N/A

N/A

1-50
(under 30 miles)

51-54

14

1-50
(under 30 miles)

1-50
(under 30 miles)

51-54

55-59

15

51-54

51-54

55-59

60-64

16

55-59

55-59

60-64

65-69

17

60-64

60-64

65-69

70-74

18

65-69

65-69

70-74

75-79

19

70-74

70-74

75-79

80-84

20

75-79

75-79

80-84

85-89

21

80-84

80-84

85-89

90-94

22

85-89

85-89

90-94

95-99

23

90-94

90-94

95-99

100-104

24

95-99

95-99

100-104

105-109

25

100-104

100-104

105-109

110-114

26

105-109

105-109

110-114

115-119

27

110-114

110-114

115-119

120-124

28

115-119

115-119

120-124

125-129

29

120-124

120-124

125-129

130-134

30

125-129

125-129

130-134

135-139

31

130-134

130-134

135-139

140-144

32

135-139

135-139

140-144

145-149

33

140-144

140-144

145-149

150-154

34

145-149

145-149

150-154

155-159

35

150-154

150-154

155-159

160-164

36

155-159

155-159

165-169

165-169

37

160+

160+

170+

170+

For each tax year add 4% for diesel cars up to a maximum of 37%. Cars that meet the Real Driving Emissions Step 2 (RDE2) standard are exempt.

 

Cars & vans

Rate per mile 2023-24

– up to 10,000 miles

45p

– over 10,000 miles

25p

Motorcycles

24p

Bicycles

20p

These rates represent the maximum tax free mileage allowances for employees using their own vehicles for business. Any excess is taxable. If the employee receives less than the statutory rate, tax relief can be claimed on the difference.

Plant and Machinery

2023-24

2022-23

– Main writing down allowance

18%

18%

– Long life assets, integral fixtures

6%

6%

– First year allowances (certain environmentally efficient products)

N/A

N/A

– R&D tax credits SME scheme

86%

130%

– R&D expenditure credit

20%

13%

The Annual investment Allowance of £1,000,000 continues to 31 March 2023, after which it reverts to £200,000. For companies only, for the period 1 April 2021-31 March 2023, a super -deduction of 130% of expenditure on main-rate assets and 50% on special rate relief assets applies

 

Cars

2023-24

2022-23

-CO2 emissions

  

0 g/km or below

100% FYA

100% FYA

1 – 50 g/km

18% WDA – Main pool

18% WDA – Main pool

Above 50

6% WDA – Special pool

6% WDA – Special pool

Tax Favoured Investments

2023-24

2022-23

ISA limit

£20,000

£20,000

Lifetime ISA

£4,000

£4,000

Junior ISA

£9,000

£9,000

Venture Capital Trusts
Income Tax relief of up to 30% on investments up to £200,000.

Enterprise Investment Scheme
Income Tax relief of up to 30% on investments up to £1 million
£2 million if at least £1 million of that is invested in knowledge-intensive companies

Seed Enterprise Investment Scheme
Income Tax relief of 50% on maximum investment of £100,000.

Social Investment Tax Relief
Income Tax relief at 30% of the amount invested plus Capital Gains Tax relief.

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