Tax Data

2022/232021/22
INCOME TAX (non dividend income)
Basic personal allowance (under 65)£12,570£12,570
restricted for higher rate tax payers
20% Basic rate income tax£12,571 to £50,270£12,571 to £50,270
40% Higher rate income tax£50,271 – £150,000£50,271 – £150,000
Additional rate tax above £150,00045%45%
INCOME TAX (dividend income)
First £2,000 tax free
8.75% (7.5%) Lower rate£12,571 to £50,270£12,571 to £50,270
33.75% (32.5%) Higher rate£50,271 – £150,000£50,271 – £150,000
38.1% Additional rateAbove £150,000Above £150,000
ANNUAL PERSONAL ALLOWANCES
Married couple’s allowance
– 75 and over£9,415£9,125
– Minimum amount£3,640£3,530
Income limit for personal allowances
– Under 65£100,000£100,000
Blind person’s allowance£2,600£2,520
Personal savings allowance
– Basic rate taxpayers£1,000£1,000
NATIONAL INSURANCE
Lower earnings limit (per week)£123£120
Primary threshold (per week)£190 (£242 from 6/7/22)£183
Secondary threshold (per week)£175£170
Upper earnings limit£967£967
Employees Class 1 rate
-between lower & upper limits13.25%12%
-above upper limit3.25%2%
Employers Class 1 rate15.05%13.8%
Class 2 rate (per week)£3.15£3.05
Employees Class 4 rate
– between lower & upper limits10.25%9%
– above upper limit3.25%2%
CAPITAL GAINS TAX
Rate
– Basic rate tax payer10%10%
– Higher rate tax payer20%20%
Annual exemption£12,300£12,300
Entrepreneurs relief lifetime limit£1,000,000£1,000,000
Entrepreneurs rate10%10%
INHERITANCE TAX
Single persons nil rate band£1 – £325,000£1 – £325,000
Married couples nil rate band£650,000£650,000
Tax rate40%40%
CORPORATION TAX
All profits and gains19%19%
VAT
Registration threshold£85,000£85,000
Deregistration threshold£83,000£83,000
Flat rate scheme threshold£150,000£150,000
Cash accounting scheme£1,350,000£1,350,000
STAMP DUTY LAND TAX (SDLT)Rate incremental
Residential
– Nil rate£0 – £125,000£0 – £125,000
– 2% rate£125,001-£250,000£125,001-£250,000
– 5% rate£250,001-£925,000£250,000-£925,000
– 10% rate£925,001 – £1.5M£925,001 – £1.5M
– 12% rateOver £1.5MOver £1.5M
There is a 3% surcharge on
the purchases of additional residential
properties. Reduced rates are available
for first time buyers.
Non-residential
– Nil rate£0 – £150,000£0 – £150,000-
2% rate£150,001-£250,000£150,001-£250,000-
5% rateOver £500,000Over £500,000
STAMP DUTY
On shares0.5%0.5%
(and marketable securities)

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