Tax Tables 2024/25
INCOME TAX 24/25 23/24 Main personal allowances and reliefs Personal allowance* £12,570 £12,570 Marriage/civil partners’ transferable allowance £1,260 £1,260 Married couple’s/civil partners’ allowance at 10%† – max £11,080 £10,375 (if at least one born before 6/4/35) – min £4,280 £4,010 Blind person’s allowance £3,070 £2,870 Rent-a-room relief £7,500 £7,500 Property allowance and trading allowance (each) £1,000 £1,000 *Personal allowance reduced by £1 for every £2 of adjusted net income over £100,000 †Married couple’s/civil partners’ allowance reduced by £1 for every £2 of adjusted net income over £37,000 (£34,600 for 23/24), until minimum reached UK taxpayers excluding Scottish taxpayers’ non-dividend, non-savings income 20% basic rate on taxable income up to £37,700 £37,700 40% higher rate on next slice of income over £37,700 £37,700 45% additional rate on income over £125,140 £125,140 Scottish taxpayers – non-dividend, non-savings income 19% starter rate on taxable income up to £2,306 £2,162 20% basic rate on next slice up to £13,991 £13,118 21% intermediate rate on next slice up to £31,092 £31,092 42% higher rate on next slice up to £62,430 £125,140 45% advanced rate on next slice up to £125,140 N/A 48% (47% for 23/24) top rate on income over £125,140 £125,140 All UK taxpayers Starting rate at 0% on band of savings income up to** £5,000 £5,000 Personal savings allowance at 0%: Basic rate £1,000 £1,000 Higher rate £500 £500 Additional rate £0 £0 Dividend allowance at 0%: All individuals £500 £1,000 Tax rates on dividend income: Basic rate 8.75% 8.75% Higher rate 33.75% 33.75% Additional rate 39.35% 39.35% Trusts: Income exemption generally £500 N/A Standard rate band generally N/A £1,000 Rate applicable to trusts: Dividends 39.35% 39.35% Other income 45% 45% **Not available if taxable non-savings income exceeds the starting rate band High Income Child Benefit Charge 1% of benefit per £200 (£100 23/24) of adjusted net income between £60,000–£80,000 (£50,000–£60,000 23/24)
STATE PENSIONS Annual Weekly New state pension £11,502.40 £221.20 Basic state pension – single person* £8,814.00 £169.50 Basic state pension – spouse/civil partner* £5,280.60 £101.55 *State pension age reached before 6/4/16 REGISTERED PENSIONS 24/25 23/24 Lump sum and death benefit allowance £1,073,100 N/A Lump sum allowance £268,275 N/A Lifetime allowance N/A £1,073,100 Money purchase annual allowance £10,000 £10,000 Annual allowance* £60,000 £60,000 Annual allowance charge on excess is at applicable tax rate(s) on earnings *Reduced by £1 for every £2 of adjusted income over £260,000 to a minimum of £10,000, subject to threshold income being over £200,000 TAX INCENTIVISED INVESTMENTS 24/25 23/24 Total Individual Savings Account (ISA) limit, excluding Junior ISAs (JISAs) £20,000 £20,000 Lifetime ISA £4,000 £4,000 JISA/Child Trust Fund £9,000 £9,000 Venture Capital Trust (VCT) at 30% £200,000 £200,000 Enterprise Investment Scheme (EIS) at 30%* £2,000,000 £2,000,000 EIS eligible for CGT deferral relief No limit No limit Seed EIS (SEIS) at 50% £200,000 £200,000 SEIS CGT reinvestment relief 50% 50% *Above £1,000,000 investment must be in knowledge-intensive companies CAPITAL GAINS TAX 24/25 23/24 Annual exemption: Individuals, estates, etc £3,000 £6,000 Trusts generally £1,500 £3,000 Below UK higher rate band: Tax rate 10% 10% Surcharge for residential property and carried interest 8% 8% Within UK higher and additional rate bands: Tax rate 20% 20% Surcharge for residential property 4% 8% Surcharge for carried interest 8% 8% Trusts and estates: Tax rate 20% 20% Business Asset Disposal Relief 10% on lifetime limit of £1,000,000 for trading businesses and companies (minimum 5% participation) held for at least 2 years
NATIONAL INSURANCE CONTRIBUTIONS Class 1 24/25 Employee Employer NICs rate 8% 13.8% No NICs for employees generally on the first £242 pw £175 pw No NICs for younger employees* on the first £242 pw £967 pw NICs rate charged up to £967 pw No limit 2% NICs on earnings over £967 pw N/A *No employer NICs on the first £967 pw for employees generally under 21 years, apprentices under 25 years and veterans in first 12 months of civilian employment. No employer NICs on the first £481 pw for employees at freeports and investment zones in Great Britain in the first three years of employment Employment allowance £5,000 Per business – not available if sole employee is a director or employer’s NICs for 23/24 are £100,000 or more. Class 1A Employer On most employees’ and directors’ taxable benefits 13.8% Class 2 Self-employed Flat rate per week (voluntary) £3.45 (£179.40 pa) Small profits threshold £6,725 Class 4 Self-employed On annual profits of £12,570 to £50,270: 6% Over £50,270: 2% Class 3 Voluntary flat rate per week £17.45 (£907.40 pa) CAR BENEFITS Taxable amount based on original list price and CO2 emissions in g/km. Zero emission cars 2% Petrol and diesel hybrids with CO2 emissions 1–50g/km Range – electric-only miles <30 30–39 40–69 70–129 130+ 14% 12% 8% 5% 2% All non-diesel cars over 50g/km CO2 51–54 55 & over 15% 16%*–37% * Increased for every extra 5g/km by 1% up to the maximum 37% Diesels not meeting RDE2: add 4% to non-diesel rates, up to 37% Fuel benefit – taxable amount for private use 24/25 23/24 CO2 % charge used for car benefit multiplied by £27,800 £27,800 VANS – FOR PRIVATE USE 24/25 23/24 Zero emission: chargeable amount Nil Nil Other vans: chargeable amount £3,960 £3,960 Fuel: chargeable amount £757 £757
TAX-FREE BUSINESS MILEAGE ALLOWANCE – OWN VEHICLE Cars/vans first 10,000 miles 45p per mile, then 25p Qualifying passenger 5p Motorcycles 24p per mile Bicycles 20p per mile CORPORATION TAX Year to 31/3/25 and 31/3/24 Profits Effective rate Diverted profits £0–£50,000 19.0% £50,001–£250,000 26.5% 31% £250,001 and above 25.0% Loans to participators 33.75% STAMP DUTIES AND PROPERTY TRANSACTION TAXES Stamp Duty and SDRT: Stocks and marketable securities 0.5% Additional residential and all corporate residential properties £40,000 or more – add 3% to SDLT rates, 6% to LBTT and 4% to most LTT rates England & N Ireland – Stamp Duty Land Tax (SDLT) on slices of value to 31/3/25 Residential property % Commercial property† % Up to £250,000 0 Up to £150,000 0 £250,001–£925,000 5 £150,001–£250,000 2 £925,001–£1,500,000 10 Over £250,000 5 Over £1,500,000 12 First time buyers: 0% on first £425,000 for properties up to £625,000 Non-resident purchasers: 2% surcharge on properties £40,000 or more Residential property bought by companies etc over £500,000: 15% of total consideration, subject to certain exemptions †0% for freeport and investment zone qualifying property in England only Scotland – Land and Buildings Transaction Tax (LBTT) on slices of value Residential property % Commercial property % Up to £145,000 0 Up to £150,000 0 £145,001–£250,000 2 £150,001–£250,000 1 £250,001–£325,000 5 Over £250,000 5 £325,001–£750,000 10 Over £750,000 12 First time buyers: 0% on the first £175,000 Wales – Land Transaction Tax (LTT) on slices of value Residential property % Commercial property % Up to £225,000 0 Up to £225,000 0 £225,001–£400,000 6 £225,001–£250,000 1 £400,001–£750,000 7.5 £250,001–£1,000,000 5 £750,001–£1,500,000 10 Over £1,000,000 6 Over £1,500,000 12 }
INHERITANCE TAX 24/25 23/24 Nil-rate band* £325,000 £325,000 Residence nil-rate band*† £175,000 £175,000 Rate of tax on excess 40% 40% Rate if at least 10% of net estate left to charity 36% 36% Lifetime transfers to and from certain trusts 20% 20% Overseas domiciled spouse/civil partner exemption £325,000 £325,000 *Up to 100% of the unused proportion of a deceased spouse’s/civil partner’s nilrate band and/or residence nil-rate band can be claimed on the survivor’s death †Estates over £2,000,000: the value of the residence nil-rate band is reduced by 50% of the excess over £2,000,000 100% relief: businesses, unlisted/AIM companies, certain farmland/buildings 50% relief: certain other business assets Annual exempt gifts of: £3,000 per donor £250 per donee Tapered tax charge on lifetime gifts between 3 and 7 years of death Years 0–3 full 40% rate, then 8% less for each year until 0% at 7 or more years. MAIN CAPITAL AND OTHER ALLOWANCES Plant & machinery (P&M) 100% annual investment allowance (1st year) £1,000,000 P&M allowance for companies (1st year)* 100% Special rate P&M allowance for companies (1st year)* 50% P&M** 18% Patent rights and know-how** 25% Special rate P&M e.g. long-life assets and integral features of buildings** 6% Structures and buildings (straight line)† 3% Electric charge points 100% Motor cars CO2 emissions of g/km 0* 1–50 Over 50 Capital allowance 100% first year 18% pa** 6% pa** *New and unused only **Annual reducing balance †10% for freeports and investment zones in Great Britain Research and development (R&D) – capital expenditure 100% R&D merged scheme 20% R&D intensive SME payable credit 14.5% R&D intensive SME intensity ratio 30% VALUE ADDED TAX Standard rate 20% Domestic fuel 5% Installation of energy saving materials (except Northern Ireland) 0% Registration level £90,000 Deregistration £88,000 Flat rate scheme turnover limit £150,000 Cash and annual accounting schemes turnover limit £1,350,000
MAIN DUE DATES FOR TAX PAYMENT Income tax, NICs and capital gains tax – Self-assessment 31 January in tax year Normally 50% of previous year’s income tax Following 31 July (less tax deducted at source) and class 4 NICs Following 31 January Balance of income tax, class 4 NICs and CGT, plus class 2 NICs paid voluntarily Inheritance tax on death: Normally 6 months after end of month of death Lifetime transfer 6 April–30 September: 30 April in following year Lifetime transfer 1 October–5 April: 6 months after end of month of transfer Capital gains tax – residential UK property Report and pay within 60 days of completion of conveyance of the property Corporation tax – Self-assessment • Profits under £1,500,000: 9 months + 1 day after end of accounting period • Profits £1,500,000–£20,000,000: normally payable in 7th, 10th, 13th and 16th months after start of the accounting period • Profits over £20,000,000: normally payable in 3rd, 6th, 9th and 12th months after start of the accounting period • Growing companies: no instalments where profits are £10,000,000 or less and the company was not a large company for the previous year SOCIAL SECURITY BENEFITS Weekly rates for 2024/25 Statutory Pay Rates Based on minimum average earnings of at least £123 pw: Statutory Sick Pay £116.75 standard rate Statutory Maternity Pay and First 6 weeks: 90% of average weekly pay Statutory Adoption Pay Next 33 weeks: 90% of average weekly pay up to £184.03 Statutory Paternity Pay 90% of average weekly pay up to £184.03 Shared Parental Pay Up to 37 weeks: 90% of average weekly pay up to £184.03 Child Benefit (see ‘Income Tax – High Income Child Benefit Charge’) First or only child £25.60 Each subsequent child £16.95 Scottish Child Payment For certain benefit claimants, per child under 16 £26.70 National Living Wage (NLW) and National MinimumWage (NMW) Year to 31/3/25 NLW NMW NMW Aged 21 and over 18–20 Under 18/apprentice £/hour £11.44 £8.60 £6.40 © Copyright 6 March 2024 Subject to relevant legislation For information only Always seek professional advice before acting }
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