STATE PENSIONS Annual Weekly New state pension £10,600.20 £203.85 Basic state pension – single person* £8,122.40 £156.20 Basic state pension – spouse/civil partner* £4,867.20 £93.60 *State pension age reached before 6/4/16 REGISTERED PENSIONS 23/24 22/23 Lifetime allowance* £1,073,100 £1,073,100 Money purchase annual allowance £10,000 £4,000 Annual allowance** £60,000 £40,000 Annual allowance charge on excess is at applicable tax rate(s) on earnings Pension commencement lump sum up to 25% of pension benefit value (maximum £268,275 for 23/24) *Lifetime allowance charge removed after 5 April 2023 **Reduced by £1 for every £2 of adjusted income over £260,000 (£240,000 for 22/23) to a minimum of £10,000 (£4,000 for 22/23), subject to threshold income being over £200,000 TAX INCENTIVISED INVESTMENTS 23/24 22/23 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 Enterprise Investment Scheme (SEIS) at 50% £200,000 £100,000 SEIS CGT reinvestment relief 50% 50% *Above £1,000,000 investment must be in knowledge-intensive companies CAPITAL GAINS TAX 23/24 22/23 Annual exemption: Individuals, estates, etc £6,000 £12,300 Trusts generally £3,000 £6,150 Tax rate: Below UK higher rate band 10% 10% Within UK higher and additional rate bands 20% 20% Trusts and estates 20% 20% Surcharge for residential property and carried interest 8% 8% CORPORATION TAX Profits Effective rate Diverted profits Year to 31/3/24 £0–£50,000 19.0% £50,001–£250,000 26.5% 31% £250,001 and above 25.0% Year to 31/3/23 Profits: 19% Diverted profits: 25% Loans to participators Made in 23/24: 33.75% Made in 22/23: 33.75% }
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