15 March 2023 l BUDGET 6 4 3 PERSONAL TAXATION Main personal allowances and reliefs 2024/25 2023/24 Personal allowance 1 £12,570 £12,570 Married couple’s / civil partners’ transferable allowance £1,260 £1,260 Married couple’s / civil partners’ allowance at 10% 2 (if at least one born before 6/4/35) maximum £11,080 £10,375 minimum £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 1. Personal allowance reduced by £1 for every £2 of adjusted net income over £100,000. 2. Reduced by £1 for every £2 of adjusted net income over £37,000 (£34,600 for 2023/24), until the minimum is reached. Income tax rates and bands 2024/25 2023/24 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 over £37,700 £37,700 45% additional rate on income over £125,140 £125,140 All UK taxpayers Starting rate at 0% on band of savings income up to 3 £5,000 £5,000 Personal savings allowance at 0%: basic rate taxpayers £1,000 £1,000 higher rate taxpayers £500 £500 additional rate taxpayers £0 £0 Dividend allowance at 0% tax – all individuals £500 £1,000 Tax rates on dividend income: basic rate taxpayers 8.75% 8.75% higher rate taxpayers 33.75% 33.75% additional rate taxpayers 39.35% 39.35% 3. Not available if taxable non-savings income exceeds the starting rate band. Scottish taxpayers’ non-dividend, non-savings income 2024/25 2023/24 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 Trusts 2024/25 2023/24 Income exemption generally £500 N/A Standard rate band generally N/A £1,000 Dividends (rate applicable to trusts) 39.35% 39.35% Other income (rate applicable to trusts) 45% 45% High income child benefit charge: 1% of benefit per £200 (£100 2023/24) adjusted net income of £60,000–£80,000 (£50,000–£60,000 2023/24).
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