Resources

Tax Rates & Tables

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Income Tax

Rates and bands (other than savings and dividend income)

2022/23 2021/22
Band £ Rate % Band £ Rate %
0 – 37,700 20 0 – 37,700 20
37,701 – 150,000 40 37,701 – 150,000 40
Over 150,000 45 Over 150,000 45

Income tax rates in Scotland and Wales on income other than savings and dividend income have been devolved.

Savings income 2022/23 and 2021/22
Savings allowance basic rate £1,000
Savings allowance higher rate £500

A starting rate of 0% may be available unless taxable non-savings income exceeds £5,000.

Dividend income 2022/23 2021/22
Dividend allowance £2,000 £2,000
Dividend ordinary rate 8.75% 7.5%
Dividend upper rate 33.75% 32.5%
Dividend additional rate 39.35% 38.1%

Income Tax Reliefs

2022/23

2021/22
Personal allowance £12,570 £12,570
Personal allowance income limit £100,000 £100,000
Marriage allowance £1,260 £1,260
Married couple’s allowance £9,415 £9,125
– minimum amount £3,640 £3,530
– income limit £31,400 £30,400
Blind person’s allowance £2,600 £2,520

Individual Savings Account (ISA)

Individual Savings Account (ISA)

2022/23 2021/22
Overall investment limit £20,000 £20,000
Junior account investment limit £9,000 £9,000

Capital Gains Tax

Individuals 2021/22 2020/21
Exemption £12,300 £12,300
Standard rate 10% 10%
Higher/additional rate 20% 20%
Trusts
Exemption £6,150 £6,150
Rate 20% 20%

Higher rates (18/28%) may apply to the disposal of certain residential property and carried interest.

Business Asset Disposal Relief
The first £1m of qualifying gains are charged at 10%

Inheritance Tax

Death Rate Lifetime rate Chargeable transfers 2022/23 and 2021/22
Nil Nil 0 – £325,000 (nil rate band)
40% 20% Over £325,000

A further nil rate band of £175,000 may be available in relation to current or former residences.

Car, Van and Fuel Benefits

2022/23
CO2 emissions (gm/km) % of car’s price taxed
0 2
1-50: Electric range >130 2
1-50: Electric range 70-129 5
1-50: Electric range 40-69 8
1-50: Electric range 30-39 12
1-50: Electric range <30 14
51-54 15
For every extra 5 +1
160 and above 37

For fully diesel cars generally 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 emissions of 75g/km or more if the CO2 figure does not end in a 5 or 0 round down to the nearest 5 or 0.

2022/23
Car fuel benefit £25,300
Van benefit £3,600
Van fuel benefit £688

National Insurance

2022/23 Class 1 (employed) rates

Employee
Earnings per week		 % Employer
Earnings per week		 %
Up to £190* Nil Up to £175 Nil
£190.01* – £967 13.25 Over £175 15.01
Over £967 3.25

Entitlement to contribution-based benefits for employees retained for earnings between £123 and £190* per week. The employer rate is 0% for certain military veterans, employees under 21 and apprentices under 25 on earnings up to £967 per week. (*£242 from 6 July 2022.)

Class 1A (employers) 15.05% on employee taxable benefits
Class 1B (employers) 15.05% on PAYE Settlement Agreements
Class 2 (self-employed) nil on profits between £6,725 and £11,908 plus £3.15 per week where profits over £11,908
Class 3 (voluntary) flat rate per week £15.85
Class 4 (self-employed) 10.25% on profits between £11,908 and £50,270 plus 3.25% on profits over £50,270

Tax reliefs for individuals

2022/23 and 2021/22

Enterprise Investment Scheme (EIS)
Relief on investments in certain unquoted trading companies up to £1m per annum (£2m for knowledge intensive companies):
• Income tax relief at 30% • Capital gains exemption on disposal
Unlimited amounts of capital gains from the disposal of other assets may be able to be deferred by making an EIS investment.

Seed Enterprise Investment Scheme (SEIS)
Relief on investments in certain unquoted trading companies up to £100,000 per annum:
• Income tax relief at 50% • Capital gains exemption on disposal
Capital gains from the disposal of other assets may be exempt up to £50,000 per annum by making an SEIS investment.

Venture Capital Trusts (VCTs)
Relief on investments in certain quoted companies up to £200,000 per annum:
• Income tax relief at 30% • Capital gains exemption on disposal
Dividends received from VCTs may be exempt from income tax. All reliefs subject to detailed conditions being met.

Corporation Tax

Profits band (£) Rate % Rate %
Year to 31.3.23 19 Year to 31.3.22 19

Different rates apply for ring-fenced (broadly oil industry) profit.

Capital Allowances

Corporation tax super-deduction on certain plant and machinery until 31 March 2023 130%
First Year Allowance (FYA) on certain plant, machinery and cars of 0g/km 100%
Corporation tax FYA on long-life assets, integral features of buildings, etc. until 31 March 2023 50%

Annual Investment Allowance £1,000,000
(£200,000 from 1 April 2023)

Excludes cars

Writing Down Allowance

Long-life assets, integral features of buildings, cars over 50g/km 6%
Other plant and machinery 18%
Structures and Buildings Allowance 3%

Pensions

2022/23 2021/22
Lifetime Allowance limit £1,073,100 £1,073,100
Annual Allowance limit £40,000 £40,000
Money Purchase Annual Allowance £4,000 £4,000

VAT

From 1.4.22 From 1.4.21
Standard rate 20% 20%
Reduced rate 5% 5%*
Annual Registration Limit £85,000 £85,000
Annual Deregistration Limit £83,000 £83,000

* 12.5% for hospitality and tourism from 1 October 2021 – 31 March 2022

Property Taxes

Across the whole of the UK, residential rates may be increased by 3% (4% in Scotland and Wales) where further residential properties are acquired.

Stamp Duty Land Tax

Land and buildings in England and N. Ireland

Residential Band £ Rate % Non-residential Band £ Rate %
0 – 125,000 0 0 – 150,000 0
125,001 – 250,000 2 150,001 – 250,000 2
250,001 – 925,000 5 Over 250,000 5
925,001 – 1,500,000 10
Over 1,500,000 12

First-Time Buyer relief may apply to residential purchases up to £500,000.

Land and Buildings Transaction Tax

Land and buildings in Scotland

Residential Band £ Rate % Non-residential Band £ Rate %
0 – 145,000 0 0 – 150,000 0
145,001 – 250,000 2 150,001 – 250,000 2
250,001 – 325,000 5 Over 250,000 5
325,001 – 750,000 10
Over 750,000 12

First-Time Buyer relief may apply on the first £175,000 of residential purchases.

Land Transaction Tax

Land and buildings in Wales

Residential Band £ Rate % Non-residential Band £ Rate %
0 – 180,000 0 0 – 225,000 0
180,001 – 250,000 3.5 225,001 – 250,000 1
250,001 – 400,000 5 250,001 – 1,000,000 5
400,001 – 750,000 7.5 Over 1,000,000 6
750,001 – 1,500,000 10
Over 1,500,000 12