Income Tax (England)
Bands and Tax Rates
| Bands | 2023-24 | Bands | 2022-23 |
| £0 to £37,700 | 20% | £0 to £37,700 | 20% |
| £37,701 to £125,140 | 40% | £37,701 to £150,000 | 40% |
| Over £125,141 | 45% | Over £150,000 | 45% |
Dividends
| Bands | 2023-24 | Bands | 2022-23 |
| £0 to £37,700 | 8.75% | £0 to £37,700 | 8.75% |
| £37,701 to £125,140 | 33.75% | £37,701 to £150,000 | 33.75% |
| Over £125,141 | 39.35% | Over £150,000 | 39.35% |
Tax Allowances and Thresholds
| Tax Allowances | 2023-24 | 2022-23 |
| Personal Allowance (PA) | £12,570 | £12,570 |
| Reduced PA Income Limit | £100,000 | £100,000 |
| Marriage Allowance | £1,260 | £1,260 |
| Married Couple's Allowance | £10,375 | £9,415 |
| Married Couple's Minimum | £4,010 | £3,640 |
| Married Couple's Maximum | £34,600 | £31,400 |
| Blind Person's Allowance | £2,870 | £2,600 |
| Basic Rate Savings Allowance | £1,000 | £1,000 |
| Higher Rate Savings Allowance | £500 | £500 |
| Dividend Allowance | £1,000 | £2,000 |
| Trading and Property Allowance | £1,000 | £1,000 |
| Rent-a-room Allowance | £7,500 | £7,500 |
Individual Savings Accounts (ISA)
| Allowance Limit | 2023-24 | 2022-23 |
| Overall Investment Limit | £20,000 | £20,000 |
| Junior Investment Limit | £9,000 | £9,000 |
Capital Gains Tax (CGT)
Individuals
| Rates and Exemption | 2023-24 | 2022-23 |
| Annual Exemption | £6,000 | £12,300 |
| Standard Basic Rate | 10% | 10% |
| Higher/Additional Rate | 20% | 20% |
Trusts
| Rates and Exemption | 2023-24 | 2022-23 |
| Annual Exemption | £3,000 | £6,150 |
| Standard Basic Rate | 20% | 20% |
Business Asset Disposal Relief
| Rates and Exemption | 2023-24 | 2022-23 |
| Business Asset Disposal Relief | £1,000,000 | £1,000,000 |
| Business Asset Disposal Rate | 10% | 10% |
Investors Relief
| Rates and Exemption | 2023-24 | 2022-23 |
| Investors Relief Limit | £10,000,000 | £10,000,000 |
| Investors Relief Rate | 10% | 10% |
Certain Property and Carried Interest
| Rates and Exemption | 2023-24 | 2022-23 |
| Capital Gains Surcharge | +8% | +8% |
Inheritance Tax
| Bands | Death Rate | Lifetime Rate |
| £0 to £325,000 | 0% | 0% |
| Over £325,000 | 40% | 20% |
| Residence Relief | £175,000 | £175,000 |
Car, Van and Fuel Benefits
Car Benefits
| Emissions (g/km) | Electric Range | 2023-24 | 2022-23 |
| 0 g/km | | 2% | 2% |
| 1 g/km to 50 g/km | 130 or More | 2% | 2% |
| | 70 to 129 | 5% | 5% |
| | 40 to 69 | 8% | 8% |
| | 30 to 39 | 12% | 12% |
| | Under 30 | 14% | 14% |
| 51 g/km to 54 g/km | | 15% | 15% |
| Every Extra 5 g/km | | +1% | +1% |
| 160 g/km and over | | 37% | 37% |
| Diesel Fuel Cars* | | +4% | +4% |
| Car Fuel Benefit | | £27,800 | £25,300 |
*For fully diesel cars, 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 75g/km emissions or more, if the CO2 figure does not end in a 5 or 0 round down to the nearest 5 or 0.
Van Benefits
| Van Benefits | 2023-24 | 2022-23 |
| Van Benefit | £3,960 | £3,600 |
| Fuel Benefit | £757 | £688 |
Mileage Allowances
| Mileage Allowances | 2023-24 | 2022-23 |
| Cars (First 10,000 Miles) | 45p | 45p |
| Cars (Over 10,000 Miles) | 25p | 25p |
| Motorcycles | 24p | 24p |
| Bicycles | 20p | 20p |
| Passenger | 5p | 5p |
National Insurance
Employee Class 1 NICs
| Earnings Per Week | 2023-24 | Earnings Per Week | 2022-23 |
| Up to £242 | 0% | Up to £190 | 0% |
| £243 to £967 | 12% | £191 to £967 | 13.25% |
| Over £968 | 2% | Over £968 | 3.25% |
Employer Class 1 NICs
| Earnings Per Week | 2023-24 | Earnings Per Week | 2022-23 |
| Up to £175 | 0% | Up to £175 | 0% |
| Over £176 | 13.8% | Over £176 | 15.05% |
Other Class 1 NICs
| National Insurance | 2023-24 | National Insurance | 2022-23 |
| Class 1A NICs | 13.8% | Class 1A NICs | 15.05% |
| Class 1B NICs | 13.8% | Class 1B NICs | 15.05% |
Self-Employed Class 2 NICs
| Annual Earnings | 2023-24 | Annual Earnings | 2022-23 |
| £6,725 to £12,570 | £0 Per Week | £6,725 to £12,570 | £0 Per Week |
| Over £12,570 | £3.45 Per Week | Over £12,570 | £3.15 Per Week |
Voluntary Class 3 NICs
| National Insurance | 2023-24 | National Insurance | 2022-23 |
| Class 3 NICs | £17.45 Per Week | Class 3 NICs | £15.85 Per Week |
Self-Employed Class 4 NICs
| Annual Earnings | 2023-24 | Annual Earnings | 2022-23 |
| £12,571 to £50,270 | 9% | £9,568 to £50,270 | 10.25% |
| Over £50,271 | 2% | Over £50,271 | 3.25% |
Employment Allowance
| Employment Allowance | 2023-24 | 2022-23 |
| Employment Allowance | £5,000 | £4,000 |
Statutory Benefits and Pay
Statutory Pay
| Weekly Benefit | 2023-24 | 2022-23 |
| New State Pension | £203.85 | £185.15 |
| Old State Pension | £156.20 | £141.85 |
| Statutory Sick Pay | £109.50 | £99.35 |
| Maternity/Adoption Pay | £172.48 | £156.66 |
| Shared Parental Pay | £172.48 | £156.66 |
| Statutory Paternity Pay | £172.48 | £156.66 |
National Minimum Wage
| Employee Age | 2023-24 | 2022-23 |
| 21 to 22 | £10.18 | £9.18 |
| 18 to 20 | £7.49 | £6.83 |
| 16 to 17 | £5.28 | £4.81 |
| Apprentices | £5.28 | £4.81 |
National Living Wage
| Employee Age | 2023-24 | 2022-23 |
| 22 and Over | £10.42 | £9.50 |
Corporation Tax
For The Year Ending 31 March 2023
For The Year Ending 31 March 2024
| Bands | Profit | Rates |
| Small Profits Rate | £0 to £50,000 | 19% |
| Marginal Rate | £50,001 to £250,000 | 20% to 25% |
| Higher Rate | £250,001 and Over | 25% |
Capital Allowances
| Allowances | 2023-24 | 2022-23 |
| First-Year Allowance | 100% | 100% |
| Annual Investment Allowance | 100% | 100% |
| Full Expensing Allowance | 100% | - |
| Writing Down Allowance - Special Rate | 6% | 6% |
| Writing Down Allowance - Standard Rate | 18% | 18% |
| Structures & Buildings Allowance | 3% | 3% |
Pensions
| Allowances | 2023-24 | 2022-23 |
| Lifetime Allowance Limit | No Limit | £1,073,100 |
| Annual Allowance Limit | £60,000 | £40,000 |
| Money Purchase Allowance | £10,000 | £4,000 |
Value Added Tax
| Rates and Limits | 2023-24 | 2022-23 |
| Standard Rate | 20% | 20% |
| Reduced Rate | 5% | 5% |
| Registration Limit | £85,000 | £85,000 |
| Deregistration Limit | £83,000 | £83,000 |
Research and Development
| Tax Relief | Rate |
| Revenue Expenditure - SMEs | 86% |
| Capital Expenditure | 100% |
| SME Company R&D Payable Credit | 10% |
| Large Company R&D Expenditure Credit | 20% |
Stamp Duty Land Tax
| Tax Relief | Rate |
| £0 to £250,000 | 0% |
| £250,001 to £925,000 | 5% |
| £925,001 to £1,500,000 | 10% |
| £1,500,001 and Over | 12% |
First-time buyer relief may apply to residential purchases up to £625,000.
