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%† – maximum |
£11,080 |
£10,375 |
|
£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’ non-dividend, non-savings income |
24/25 |
23/24 |
|
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 |
24/25 |
23/24 |
|
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 |
|
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 Higher rate Additional rate |
£1,000 £500 £0 |
£1,000 £500 £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: Income exemption generally Standard rate band generally |
£500 N/A |
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 |
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* 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* |
£5,283.20 |
£101.55 |
*State pension age reached before 6/4/16
TAX INCENTIVISED INVESTMENTS
|
|
24/25 |
23/24 |
|
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 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 |
|
£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
|
Limits and thresholds |
Weekly |
Monthly |
Annual |
|
Lower earnings limit |
£123 |
£533 |
£6,396 |
|
Primary threshold |
£242 |
£1,048 |
£12,570 |
|
Secondary threshold |
£175 |
£758 |
£9,100 |
|
Upper earnings limit (and upper secondary thresholds) |
£967 |
£4,189 |
£50,270 |
|
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 |
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|
Class 1A Employer |
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|
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 |
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|
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) |
|
|
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 |
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|
100% relief: businesses, unlisted/AIM companies, some farmland/buildings |
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|
50% relief: certain other business assets |
||
|
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. |
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STAMP DUTIES AND PROPERTY TRANSACTION TAXES
|
Stamp Duty and SDRT: Stocks and marketable securities 0.5% |
|
Additional residential
and all corporate residential properties
|
|
England & N Ireland – Stamp Duty Land Tax (SDLT) on slices of value to 31/3/25 |
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|
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 |
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|
Scotland – Land and Buildings Transaction Tax (LBTT) on slices of value |
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|
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 |
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|
Wales – Land Transaction Tax (LTT) on slices of value |
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|
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 £50,001 – £250,000 £250,001+ |
19% 26.5% 25% |
) ) 31% ) |
|
Loans to participators |
33.75% |
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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 BUSINESS MILEAGE 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 |
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|
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% |
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|
Electric charge points |
100% |
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|
Motor cars |
|
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|
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 & investment zones in GB |
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|
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% |
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SOCIAL SECURITY BENEFITS
|
Weekly rates for 2024/25 |
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|
Statutory
Pay Rates |
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|
Statutory Sick Pay |
£116.75 standard rate |
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|
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 |
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|
Statutory Paternity Pay |
90% of average weekly pay up to £184.03 |
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|
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’) |
|||
|
£25.60 |
|||
|
Each subsequent child |
£16.95 |
||
|
Scottish Child Payment |
|||
|
£26.70 |
|||
|
National Living Wage (NLW)/National Minimum Wage (NMW) |
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|
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 Following 31 July Following 31 Jan |
}
|
Normally 50% of previous year’s income tax (less tax deducted at source) and class 4 NICs Balance of income tax, class 4 NICs and CGT, plus class 2 NICs paid voluntarily |
|
|
|
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|
Inheritance tax |
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|
On death: |
Normally 6 months after end of month of death |
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|
Lifetime transfer 6 April–30 September: |
30 April in following year |
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|
Lifetime transfer 1 October–5 April: |
6 months after end of month of transfer |
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|
Capital gains tax – residential UK property |
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|
Report and pay within 60 days of completion of conveyance of the property |
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|
Corporation tax – Self-assessment |
|||
|
· Profits under £1,500,000: 9 months + 1 day after end of accounting period |
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|
· 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 |
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2024/25 TAX CALENDAR
Make payment on the previous working day where the 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.