STATE PENSIONS New state pension – where state pension age Annual Weekly reached after 5/4/16 £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 TAX INCENTIVISED INVESTMENT Total Individual Savings Account (ISA) 22/23 21/22 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 EIS (SEIS) at 50% £100,000 £100,000 SEIS CGT reinvestment relief 50% 50% *Above £1,000,000 investment must be in knowledge-intensive companies NATIONAL INSURANCE CONTRIBUTIONS Class 1 Employee Employer NICs rate 13.25% 15.05% No NICs for employees generally on the first £242 pw† £175 pw No NICs* for: younger/veteran employees on first £242 pw† £967 pw freeport employees on first £242 pw† £481 pw NICs rate charged up to £967 pw No limit 3.25% NICs on earnings over £967 pw N/A *Employees generally under 21 years and apprentices under 25 years. Veterans in first 12 months of civilian employment. Employees at freeports in Great Britain in the first three years of employment from 6 April 2022 Employment Allowance £5,000 Per business – not available if sole employee is a director or employer’s NICs for 21/22 £100,000 or more Limits and Thresholds Weekly Annual Lower earnings limit £123 £6,396 Primary threshold £242† £12,570** Secondary threshold £175 £9,100 Upper earnings limit (and upper secondary thresholds) £967 £50,270 Class 1A Employer On car and fuel benefits and most other taxable benefits provided to employees and directors 15.05% Class 2 Self-employed Flat rate per week £3.15 (£163.80 pa) Small profits threshold £6,725 Class 4 Self-employed On annual profits of £11,908 to £50,270: 10.25% Over £50,270: 3.25% Class 3 Voluntary flat rate per week £15.85 (£824.20 pa) †£190 pw before 6 July 2022 **£9,880 before 6 July 2022 CAPITAL GAINS TAX Tax Rates – Individuals 22/23 21/22 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% Annual exempt amount: Individuals, estates, etc. £12,300 £12,300 Trusts generally £6,150 £6,150 Chattels gain limited to 5⁄ 3 rds 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 two years
RkJQdWJsaXNoZXIy MjM4MA==