| 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) | | |
One thought on “Tax Data”
Comments are closed.