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Tax Tables

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Income Tax

Band 2023 – 24 2022 – 23
Taxable Income Rate % Dividend Rate % Taxable Income Rate % Dividend Rate %
Personal Allowance Up to £12,570 0% 0% £12,570 0% 0%
Basic rate £12,571 to £ 50,270 20.0% 8.75% £37,700 20.0% 8.75%
Higher rate £50,271 to £125,140 40.0% 33.75% £37,701 to £150,000 40.0% 33.75%
Additional rate Over £125,140 45.0% 39.35% Over £150,000 45.0% 39.35%
Personal Savings Allowance (PSA)
Basic rate taxpayer £1,000 £1,000
Higher rate taxpayer £500 £500
Allowances 2023-24 2022-23
Dividend Allowance (DA) £1,000 £2,000
Personal Allowance (PA) (A) £12,570 £12,570
Marriage Allowance (B) £1,260 £1,260
Blind Person’s Allowance £2,870 £2,600
Rent a room relief (C) £7,500 £7,500
Trading Income (C) £1,000 £1,000
Property Income (C) £1,000 £1,000

(A) The Personal Allowance goes down by £1 for every £2 of income above the £100,000 limit. It can go down to zero.

(B) The part of the PA that is transferable to a spouse or civil partner who is not a higher or additional rate taxpayer.

(C) If gross income exceeds this, the limit may be deducted instead of actual expenses.

BRB and additional rate threshold are increased by personal pension contributions (up to permitted limit) and Gift Aid donations.

General income (salary, pensions, business profits, rent) usually uses personal allowance, basic rate and higher rate bands before savings income (mainly interest).

To the extent that savings income falls in the first £5,000 of the basic rate band, it is taxed at nil rather than 20%.

The PSA taxes interest at nil, where it would otherwise be taxable at 20% or 40%. Dividends are normally taxed as the ‘top slice’ of income. The DA taxes the first £2,000 of dividend income at nil, rather than the rate that would otherwise apply.

National Insurance Contributions

Class 1 (Employees) Employee Employer
Main NIC rate 12% 13.8%
No NIC on first £242pw £175pw
Main rate charged up to (A) £967pw no limit
2% rate on earnings above £967pw N/A
Employment allowance per business (B) N/A £5,000
(A) Nil rate of employer NIC on earnings up to £967pw for employees aged under 21, apprentices aged under 25 and ex-armed forces personnel in their first twelve months of civilian employment
(B) Some businesses do not qualify, including certain sole director companies and employers who have an employer’s Class 1 NIC liability of £100,000 or more for 2022/23.
Employer contributions (at 13.8%) are also due on most taxable benefits (Class 1A) and on tax paid on an employee’s behalf under a PAYE settlement agreement (Class 1B).
Class 2 (Self-employed)
Flat rate per week if profits above £12,570 £3.45
Small profits threshold £6,725
Class 3 (Voluntary)
Class 3: Flat rate per week £17.45
Class 4 (Self-employed)
On profits between £12,570 and £50,270 9%
On profits over £50,270 2%

Capital Gains Tax

Details 2023-24 2022-23
Annual exempt amount
Individuals, estates, etc £6,000 £12,300
Trusts generally £3,000 £6,150
Tax rate
Individual (to basic rate limit) 10% (A) 10% (A)
Individual (above basic rate limit) 20% (A) 20% (A)
Trusts, estates 20% (A) 20% (A)
Business Asset Disposal Relief (BADR) 10% (B) 10% (B)
Investors’ Relief (IR) 10% (C) 10% (C)
(A) Except for carried interest and chargeable gains on residential property which are taxed at 18% up to the basic rate limit and 28% above the basic rate limit.
(B) For trading businesses and companies (minimum 5% employee or director shareholding) held for at least one year.
(C) Shares in an unquoted trading company may qualify on lifetime gains up to £10m.

Corporation Tax

Year to 2023-24 2022-23
Corporation Tax rate 25.00% 19.00%
Research and development relief
2023-24 2022-23
SME enhanced expenditure deduction scheme (1) 86% 130%
Large company R&D Expenditure Credit (RDEC) scheme (2) 20% 13%
(1) Additional deduction for qualifying R&D.
(2) Taxable expenditure credit for qualifying R&D. SMEs that make losses can surrender the deduction to HMRC in exchange for a payment of 14.5% of the loss (capped at £20,000 plus 3 x PAYE & NIC for periods beginning from 1.4.21).

Value Added Tax

Details Current Rate (2023-24)
Standard rate (1/6 of VAT-inclusive price) 20%
Tourism and hospitality sector reduced rate – from 1.10.21-31.3.22 12.5%
Taxable Turnover Limits
Registration level - Taxable turnover £85,000 per annum
Deregistration level - Taxable turnover £83,000 per annum
Flat Rate Scheme (FRS)
Annual taxable turnover to enter scheme Up to £150,000
Must leave scheme if annual gross turnover Exceeds £230,000
If using FRS, the VAT paid by the business is a fixed percentage (based on business category) of ‘FRS turnover’ rather than the net of output tax over input tax. Input tax is usually not recoverable.
Cash accounting and Annual accounting schemes
Annual taxable turnover to enter scheme Up to £1.35m
Must leave scheme if annual taxable turnover Exceeds £1.60m

Basic State Pension

State pension (per week) 2023 – 24 2022 – 23
Old state pension £156.20 £141.85
New state pension * £203.85 £185.15
* Applies to those reaching state retirement age after 5 April 2016.

Car Benefit For Employees

Taxable benefit: List price of car multiplied by chargeable percentage.
CO2 g/km Electric Range (miles) 2023-24 2022-23
0 N/A 2% 2%
1-50 >130 2% 2%
1-50 70-129 5% 5%
1-50 40-69 8% 8%
1-50 30-39 12% 12%
1-50 <30 14% 14%
51-54 N/A 15% 15%
Then a further 1% for each 5g/km CO2 emissions, up to a maximum of 37%.
Diesel cars that are not RDE2 standard suffer a 4% supplement on the above figures but are still capped at 37%.

Fuel Benefit

FUEL BENEFIT 2023-24 2022-23
Multiply the CO2% used for the car benefit by



Vans – Fixed charge £3,960 £3,600
Vans – Fuel benefit
(if fuel is provided by the employer for private travel)
£757 £688
Zero-emission vans charged £0 £0

Employee contributions do not reduce taxable figure unless all private fuel is paid for by the employee (in which case there is no benefit charge).

Child Trust Fund

The Child Trust Fund (CTF) is a long-term tax-free savings account for children born between 1 September 2002 and 2 January 2011.

The money in the CTF account belongs to the child but can’t be taken out until they are 18.

Parents, family and friends can add money to the account up to a limit of £9,000 in the 2023 to 2024 tax year.

You can’t apply for a new Child Trust Fund because the scheme is now closed. You can apply for a Junior ISA instead.

You can’t have a Junior ISA as well as a Child Trust Fund. If you want to open a Junior ISA ask the provider to transfer the trust fund into it.

The money in the Junior ISA account belongs to the child. The child can take control of the account when they’re 16 but can’t withdraw until they are 18.

Your child can only have:

  • 1 cash Junior ISA
  • 1 stocks and shares Junior ISA

Anyone (including child) can pay money into a Junior ISA, but the total amount paid in can’t go over £9000 in the 2023 to 2024 tax year.

Company Cars Advisory Fuel Rates

(Effective from 01 March 2023)
for employee private mileage reimbursement or employer reimbursement of business mileage in company cars
Engine Size Petrol – rate per mile
1400cc or less 13p
1401cc – 2000cc 15p
Over 2000cc 23p
Engine Size LPG – rate per mile
1400cc or less 10p
1401cc – 2000cc 11p
Over 2000cc 17p
Engine Size Diesel – rate per mile
1600cc or less 13p
1601cc – 2000cc 15p
Over 2000cc 20p

Employee Share Scheme Limits

Share incentive plans  
Employer contributions £3,600
Employer matching (2:1)
Employee £1,800
Enterprise management incentive option value £250,000
Approved share option schemes option value £30,000
Savings-related share options per month (up to) £500

Individual Savings Account (ISA)

  2023-24 2022-23
Overall limit £20,000 £20,000
Lifetime ISA £4,000 £4,000
Junior ISA £9,000 £9,000
EIS 30% £2,000,000 £2,000,000
Seed EIS (SEIS) 50% £200,000 £100,000
Venture Capital Trust (VCT) 30% £200,000 £200,000

Inheritance tax

Description   2023-24 2022-23
Nil rate band (NRB) (1) £325,000 £325,000
NRB Residential enhancement (RNRB) (2) £175,000 £175,000
Tax rate on death (3) 40% 40%
Tax rate on lifetime transfers to most trusts   20% 20%

(1) Up to 100% of the proportion of a deceased spouse’s/civil partner’s unused NRB and RNRB band may be claimed to increment the current NRB and RNRB when the survivor dies.

(2) RNRB is available for transfers of a main residence to (broadly) direct descendants. It tapers away at the rate of £1 for every £2 of estate value above £2m.

(3) Rate reduced to 36% if at least 10% of the relevant estate is left to charity. Unlimited exemption for transfers between spouses/civil partners, except if UK domiciled transferor and foreign domiciled transferee, where maximum exemption £325,000.

100% Business Property Relief (BPR) for all shareholdings in qualifying unquoted trading companies, qualifying unincorporated trading businesses and certain farmland/buildings.
Reduced tax charge on gifts within 7 years before death
Years before death 0-3 3-4 4-5 5-6 6-7
% of full death tax charge payable 100 80 60 40 20<
Annual exemptions for lifetime gifts include £3,000 per donor and £250 per recipient.

Main Capital And Other Allowances

Plant and machinery allowances Rate
Expenditure 1.4.23 - 31.3.24 (companies only)
First-year allowance (main pool expenditure) 100%
Super-deduction (main pool expenditure) N/A
First-year allowance (special rate pool expenditure) 50%
Annual Investment Allowance (AIA)
expenditure 1.4.23 - 31.3.24 of up to £1m 100%
New electric vans 100%
Writing down allowance: general pool (reducing balance) 18%
Writing down allowance: special rate pool (reducing balance) 6%
Motor cars purchased
From 1.4.21
CO2 (g/km)
1.4.18 to 31.3.21
CO2 (g/km)
New cars only Nil up to 50 100%
In general pool up to 50 up to 110 18%
In special rate pool above 50 above 110 6%
Structures and buildings allowance
Fixed deduction per annum     3%

Main Due Dates For Tax Payment

Payment dates
Self assessment 2023/24 2022/23
1st payment on account 31 January 2024 2023
2nd payment on account 31 July 2024 2023
Balancing payment 31 January 2025 2024
Capital Gains Tax (A) 31 January 2025 2024
(A) A CGT return is due within 60 days of completion of sale of any UK land and buildings by a non-resident and of sale of UK residential property with a tax liability by a UK resident. Any CGT payable is also due within 60 days
Other payment dates 2023/24 2022/23
Class 1A NIC 19 July 2024 2023
Class 1B NIC 19 October 2024 2023
Corporation tax is due 9 months and 1 day from the end of the accounting period, unless a ‘large’ company paying by quarterly instalments.
2022/23 Filing deadlines 2023/24 2022/23
Issue P60s to employees 31 May 2023
P11D, P11D(b) 6 July 2023
Self Assessment Tax Return (SATR)
paper version 31 October 2023
Online SATR if outstanding tax to be included in 2024/25 PAYE code (if under £3,000) 30 December 2023
Online SATR 31 January 2024
A CGT return is due within 60 days of completion of sale of UK land and buildings by a non-resident and of sale of UK residential property with a tax liability by a UK resident.

Working Tax Credit And Child Tax Credit

Working Tax Credit for those without Children (£)
Annual income (£) Single person aged 25 or over working 30 or more hours a week Couple (working adults aged 25 or over ) working 30 or more hours a week
*11,700 795 2,615
12,000 485 2,495
13,000 75 2,085
14,000 - 1,675
15,000 1,265
16,000 855
17,000 - 445
18,000 35
19,000+ -
* Someone aged 25 or over, working 30 hours a week on National Living Wage (Based on April 2017 rates) would earn £11,700 a year.
If you are in work and responsible for at least one child
Working and Child Tax Credit (£)

Annual income (£)

One child / Young person

Two children / Young person

Three children / Young person

(*1,*2) 6,240 7,300 10,080 12,865
11,700 5,945 8,725 11,510
15,000 4,595 7,375 10,155
20,000 2,545 5,325 8,105
25,000 495 3,275 6,055
30,000 1,225 4,005
35,000 1,955

*1 – Those with incomes of £6,240 a year are assumed to work part-time working between 16 and 29 hours a week).

*2 – In families with an income of £11,700 a year or more, at least one adult is assumed to be working 30 hours or more a week (consistent with a minimum adult living wage of £7.50 (based on April 2016 rates) for those aged 25 and over).

Note: If you have a child with a disability you may be entitled to more.

The maximum amounts may be higher if you are entitled to the disability or childcare elements of Working Tax Credit.

If you do not qualify for working tax credit
Child Tax Credit Only (£)
Annual income (£) One child Two children Three children
No income 3,330 6,110 8,890
5,000 3,330 6,110 8,890
8,000 3,330 6,110 8,890
10,000 3,330 6,110 8,890
15,000 3,330 6,110 8,890
20,000 1,730 4,515 7,295
25,000 2,465 5,245
30,000 415 3,195
35,000 1,145

Note: If you have a child with a disability you may be entitled to more.

Using this table, if your income is £15,000 a year and you have 2 children but are not eligible for Working Tax Credit, you could get an annual Child Tax Credit award of £6,110, equivalent to £117.50 a week.

Jobseeker Allowance

Who is eligible for Jobseeker’s Allowance?
To claim Jobseeker’s Allowance you need to be actively looking for work and:
# over 18 but below State Pension age
# unemployed or working fewer than 16 hours per week
# living in England, Scotland or Wales
Under 18s: you can’t get Jobseeker’s Allowance, except in special circumstances.
Under 20s: you can’t get Jobseeker’s Allowance while you are in education and your parents are receiving Child Benefit for you.
Full time students: you can’t usually get Jobseeker’s Allowance until your course has officially finished – check the date with your college or university.
How much will you get paid?
Depending on your circumstances you may be entitled to the following amounts:

Maximum weekly amount
18 to 24 up to £67.20
25 or over up to £84.80
Couples (both aged over 18) up to £133.30

Registered Pensions

2023/24 2022/23
Lifetime Allowance (LA) £1,073,100 £1,073,100
Annual Allowance (AA)* £60,000 £40,000
Annual relievable pension inputs are the higher of earnings (capped at AA) or £3,600.
* Usually tapered down, to a minimum of £10,000 (2022/23: £4,000), when adjusted income exceeds £260,000 (2022/23: £240,000).

Stamp Duties

Transfers of property are subject to stamp duty land tax at the following rates:

Residential Standard Rate
(Second home rate)
Value up to to £125,000 0% 3%
Over £125,000* to £250,000 2% 5%
Over £250,000 to £925,000 5% 8%
Over £925,000 to £1,500,000 10% 13%
Over £1,500,000** 12% 15%
The calculation of SDLT on purchase of non-residential property was changed from the whole transaction value to the same basis as residential (consideration falling within each band).
Commercial   Tax Rate
Value up to £150,000   0%
Over £150,000 to £250,000   2%
Over £250,000   5%
The rate of stamp duty / stamp duty reserve tax on the transfer of shares and securities is generally payable at 0.5 per cent. If you buy stocks and shares for £1,000 or less you don’t normally have to pay any stamp duty.
New Leases    

Duty is charged according to the net present value of all the rental payments over the term of the lease (NPV), with a single rate of 1% on residential NPV’s over £125,000

Duty is charged according to the net present value of all the rental payments over the term of the lease (NPV) at 1% on non-residential NPV’s over £150,000 and this rises to 2% on leases with an NPV greater than £5m.

VAT is excluded from treatment as consideration provided the landlord has not opted to charge VAT by the time the lease is granted.

Lease premiums    

Duty on premiums is the same as for transfers of land.

Tax-Free Mileage Allowance

A statutory system of Approved Mileage Allowance Payments (AMAPs) applies for employees using their own vehicles for business journeys, as follows:
Cars and vans:  
on the first 10,000 miles in the tax year 45p per mile
on each additional mile above this 25p per mile
Business passengers 5p per mile
Motorcycles 24p per mile
Bicycles 20p per mile

Unless the employee is reimbursed at a rate higher than the AMAP, the payments do not need to be reported on a P11D. If the employer pays less than these rates, it is possible for the employee to claim income tax relief for the shortfall.

Rates of up to 5p per mile, per passenger, are also tax and NICs free when paid for the carriage of fellow employees on the same business trip. This also covers volunteers who drive for hospital car services etc, even though they are not strictly employees.