Tax Tables 2024/25
INCOME TAX Main personal allowances and reliefs 24/25 23/24 Personal allowance* £12,570 £12,570 Marriage/civil partners’ transferable allowance £1,260 £1,260 Married couple’s/civil partners’ allowance at 10%† (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 *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’ 24/25 23/24 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: I ncome 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) 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
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 TAX INCENTIVISED INVESTMENTS Total Individual Savings Account (ISA) 24/25 23/24 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 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) 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
} 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 nil-rate 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, some 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. 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 ormore–add3% to SDLT rates,6% to LBTT and4% tomost 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 properties 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 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%
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 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 BUSINESSMILEAGE ALLOWANCE –OWN VEHICLE Cars and vans first 10,000 miles 45p per mile then 25p per mile Qualifying passenger 5p per mile Motorcycles 24p per mile Bicycles 20p per mile 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%
SOCIAL SECURITY BENEFITS Weekly rates for 2024/25 Statutory Pay Rates Based onminimum average earnings of at least £123 pw: Statutory Sick Pay £116.75 standard rate Statutory Maternity Pay/Statutory Adoption Pay First 6 weeks – 90% of average weekly 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)/National Minimum Wage (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 MAIN DUE DATES FOR TAX PAYMENTS Income tax, NICs and capital gains tax – Self-assessment 31 Jan 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 Jan 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. } © Copyright 6 March 2024 Subject to relevant legislation For information only Always seek professional advice before acting
2024/25 TAX CALENDAR Make payment on previous working day where due date falls on a weekend/ bank holiday. Every month 19 Submit CIS contractors’ monthly return. 22 PAYE/NICs/CIS deductions paid electronically for period ending 5th of the month (19th if not paying electronically). Month end Submit CT600 for year ending 12 months previously. Last day to amend CT600 for year ending 24 months previously. April 2024 1 Merger of the RDEC and R&D SME schemes. 6 New dividend allowance and capital gains tax annual exempt amount. Higher rate of CGT reduced for residential property disposals. Changes to class 2 and class 4 NICs. Car and van fuel and van benefit charges frozen at 2023/24 rates. Basis period reforms in full operation. Cash basis becomes default basis for self-employed and most partnerships. Changes to some ISA rules. High income child benefit charge reduced. VAT thresholds increased. July 2024 5 Last date to agree a new PAYE Settlement Agreement (PSA) for 2023/24. 6 Deadline for employers to return forms P11D (expenses) and P11D (b) (benefits) for 2023/24 to HMRC and provide copies to employees. 22 Pay class 1A NICs (19 July if not paying electronically). 31 Confirm tax credit claims for 2023/24 and renewal for 2024/25. Second payment on account for 2023/24 income tax and class 4 NICs. August 2024 1 Penalty of 5% of the tax due or £300, whichever is the greater, where the 2022/23 tax return has not been filed. October 2024 5 Deadline to register for self-assessment for 2023/24. 22 Pay tax and class 1B NICs on PSAs (19th if not paying electronically). 31 Deadline for 2023/24 tax return if filed on paper. December 2024 30 Deadline to submit 2023/24 tax return online to have underpaid PAYE tax collected through the 2025/26 tax code. January 2025 31 Submit 2023/24 self-assessment tax return online. Pay balance of 2023/24 income tax, class 4 NICs and CGT, plus class 2 NICs paid voluntarily. First payment on account for 2024/25 income tax and class 4 NICs. February 2025 1 Initial penalty imposed where the 2023/24 tax return has not been filed or has been filed on paper after 31 October 2024. March 2025 3 First 5% penalty imposed on 2023/24 tax unpaid on 3 March.
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