|
2022/23 |
2021/22 |
| 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 £150,000 |
45% |
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 rate |
Above £150,000 |
Above £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 limits |
13.25% |
12% |
| -above upper limit |
3.25% |
2% |
| Employers Class 1 rate |
15.05% |
13.8% |
| Class 2 rate (per week) |
£3.15 |
£3.05 |
| Employees Class 4 rate |
|
|
| - between lower & upper limits |
10.25% |
9% |
| - above upper limit |
3.25% |
2% |
|
|
|
| CAPITAL GAINS TAX |
|
|
| Rate |
|
|
| - Basic rate tax payer |
10% |
10% |
| - Higher rate tax payer |
20% |
20% |
| Annual exemption |
£12,300 |
£12,300 |
| Entrepreneurs relief lifetime limit |
£1,000,000 |
£1,000,000 |
| Entrepreneurs rate |
10% |
10% |
|
|
|
| INHERITANCE TAX |
|
|
| Single persons nil rate band |
£1 - £325,000 |
£1 - £325,000 |
| Married couples nil rate band |
£650,000 |
£650,000 |
| Tax rate |
40% |
40% |
|
|
|
| CORPORATION TAX |
|
|
| All profits and gains |
19% |
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% rate |
Over £1.5M |
Over £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% rate |
Over £500,000 |
Over £500,000 |
| STAMP DUTY |
|
|
| On shares |
0.5% |
0.5% |
(and marketable securities) |
