STATE PENSIONS Annual Weekly New state pension £9,627.80 £185.15 Basic state pension – single person* £7,376.20 £141.85 Basic state pension – spouse/civil partner* £4,420.00 £85.00 *State pension age reached before 6/4/16 REGISTERED PENSIONS 22/23 21/22 Lifetime allowance £1,073,100 £1,073,100 Money purchase annual allowance £4,000 £4,000 Annual allowance* £40,000 £40,000 Annual allowance charge on excess is at applicable tax rate(s) on earnings Lifetime allowance charge if excess is drawn as cash 55%; as income 25% Pension commencement lump sum up to 25% of pension benefit value *Reduced by £1 for every £2 of adjusted income over £240,000 to a minimum of £4,000, subject to threshold income being over £200,000 TAX INCENTIVISED INVESTMENT 22/23 21/22 Total Individual Savings Account (ISA) limit, excluding Junior ISAs (JISAs) £20,000 £20,000 Lifetime ISA £4,000 £4,000 JISA and 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 Enterprise Investment Scheme (SEIS) at 50% £100,000 £100,000 SEIS CGT reinvestment relief 50% 50% *Above £1,000,000 investment must be in knowledge-intensive companies CAPITAL GAINS TAX 22/23 21/22 Tax Rates – Individuals Below UK higher rate income tax band 10% 10% Within UK higher and additional rate income tax bands 20% 20% Tax Rate – Trusts and Estates 20% 20% Surcharge for residential property and carried interest 8% 8% Exemptions Annual exempt amount: Individuals, estates, etc. £12,300 £12,300 Trusts generally £6,150 £6,150 Chattels gain limited to 5⁄3rds of proceeds exceeding £6,000 £6,000 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
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