| Key dates in 2024/2025 for personal Self Assessment tax payers | |
| 31 January 2025 | Deadline a taxpayer to submit online their 2023/2024 self assessment tax return. It is also the date by which they will be required to settle their 2023/2024 balancing payment and make the first payment on account in respect of 2024/2025. |
| 31 July 2024 | The date by which the second payment on account in respect of 2023/2024 must be paid. Taxpayers should consider electing to reduce POA's if last year's income has dropped. |
| 5 October 2024 | Deadline for notifying HMRC of new sources of income unless a 2023/2024 tax return has already been issued. Complete form CWF1 for self employment, form SA1 for non self-employed income, or form SA401 for partners. |
| 31 October 2024 | Deadline for submission to HMRC of a paper tax return for 2023/2024. |
| 30 December 2024 | Deadline for e-filing the tax return where the taxpayer requires the 2023/2024 balancing payment to be collected through next year's tax code (less than £2,000). |
| 6 April 2026 | Self-employed and landlords with annual incomes in excess of £50,000 are mandated to comply with the HMRC's MTD for Income Tax rules. |
| 6 April 2027 | Self-employed and landlords with annual incomes between £30,0000 and £50,000 are mandated to comply with the HMRC's MTD for Income Tax rules. |
| National Minimum Wage Hourly rate | From 01-04-24 | From 01-04-23 | From 01-04-22 | From 01-04-21 |
| Aged 21 above (National Living Wage) | £11.44 | - | - | - |
| Aged 23 and over (National Living Wage) | £11.44 | £10.42 | £9.50 | £8.91 |
| Aged 21 to 22 inclusive | £11.44 | £10.18 | £9.18 | £8.36 |
| Aged 18 to 20 inclusive | £8.60 | £7.49 | £6.83 | £6.56 |
| Aged under 18, but above compulsory school leaving age | £6.40 | £5.28 | £4.81 | £4.62 |
| Apprentices under 19, or older and in their first year of apprenticeship | £6.40 | £5.28 | £4.81 | £4.30 |
| Apprentices aged 19 & over having completed their first year | £11.40 | - | - | - |
| Income Tax Rates: England, Wales & NI | 2024-2025 | 2023-2024 | 2022-2023 | 2021-2022 |
| Starter rate for savings | 10% | 10% | 10% | 10% |
| Basic tax rate | 20% | 20% | 20% | 20% |
| Higher tax rate | 40% | 40% | 40% | 40% |
| Additional tax rate | 45% | 45% | 45% | 45% |
| Basic rate band (above personal allowance) | £0 - £37,700 | £0 - £37,700 | £0 - £37,700 | £0 - £37,500 |
| Higher rate band | £37,701 - £125,410 | £37,701 - £125,410 | £37,701 - £150,000 | £37,501 - £150,000 |
| Additional rate band | Over £125,410 | Over £125,410 | Over £150,000 | Over £150,000 |
| Income Tax Rates: Scotland | 2024-2025 | 2023-2024 | 2022-2023 | 2021-2022 |
| Starter tax rate | 19% | 19% | 19% | 19% |
| Basic tax rate | 20% | 20% | 20% | 20% |
| Intermediate tax rate | 21% | 21% | 21% | 21% |
| Higher tax rate: Lower | 42% | 42% | 41% | 41% |
| Higher tax rate: Higher | 45% | - | - | - |
| Top tax rate | 47% | 47% | 46% | 46% |
| Starter tax rate band (above personal allowance) | £0 - £2,162 | £0 - £2,162 | £0 - £2,162 | £0 - £2,097 |
| Basic tax rate band | £2,307 - £13,991 | £2,163 - £13,118 | £2,163 - £13,118 | £2,098 - £12,726 |
| Intermediate tax rate band | £13,992 - £31,092 | £13,119 - £31,092 | £13,119 - £31,092 | £12,727 - £31,092 |
| Higher rate band: Lower | £31,093 - £62,340 | £31,093 - £125,410 | £31,093 - £150,000 | £31,093 - £150,000 |
| Higher rate band: Higher | £62,341 - £125,410 | - | - | - |
| Top tax rate band | Over £125,410 | Over £125,410 | Over £150,000 | Over £150,000 |
Taxpayers earning more than £100,000 will see their Personal Allowance reduced by £1 for every £2 earned over £100,000.
| Individual Saving Accounts (ISA) | 2024-2025 | 2023-2024 | 2022-2023 | 2021-2022 |
| Overall investment limit | £20,000 | £20,000 | £20,000 | £20,000 |
| Junior account invetsment limit | £9,000 | £9,000 | £9,000 | £9,000 |
| Income on Savings: Restricted to other income of less than £17,500 |
2024-2025 | 2023-2024 | 2022-2023 | 2021-2022 |
| Starting rate for savings | 0% | 0% | 0% | 0% |
| Starting rate band for savings | £0 - £5,000 | £0 - £5,000 | £0 - £5,000 | £0 - £5,000 |
| Income on Dividends | 2024-2025 | 2023-2024 | 2022-2023 | 2021-2022 |
| Allowance for tax-free dividends | £500 | £1,000 | £2,000 | £2,000 |
| Tax on dividends at Basic Effective Rate | 8.75% | 8.75% | 8.75% | 7.50% |
| Tax on dividends at Higher Effective Rate | 33.75% | 33.75% | 33.75% | 32.50% |
| Tax on dividends at Additional Effective Rate | 39.35% | 39.35% | 39.35% | 38.10% |
| Personal Allowances | 2024-2025 | 2023-2024 | 2022-2023 | 2021-2022 |
| Standard payroll tax code | 1257L | 1257L | 1257L | 1257L |
| Personal allowance (1) | £12,570 | £12,570 | £12,570 | £12,570 |
| Income limit for Personal Allowance | £100,0000 | £100,0000 | £100,0000 | £100,0000 |
| Marriage Allowance (Tfrs between couples) | £1,260 | £1,260 | £1,260 | £1,260 |
| Marriage Allowance: Lower earner's limit | £12,570 | £12,570 | £12,570 | £12,570 |
| Max Married Couples Allowance (2) | £11,080 | £10,375 | £9,415 | £9,125 |
| Min Married Couples Allowance (2) | £4,280 | £4,010 | £3,640 | £3,530 |
| Income limit for Married Couples Allowance (2) | £37,000 | £34,600 | £31,400 | £30,400 |
| Blind person's allowance | £3,070 | £2,870 | £2,600 | £2,500 |
| Dividend allowance | £500 | £1,000 | £2,000 | £2,000 |
| Personal Savings Allowance (Basic Rate Taxpayer) | £1,000 | £1,000 | £1,000 | £1,000 |
| Personal Savings Allowance (Higher Rat Taxpayer) | £500 | £500 | £500 | £500 |
| Individual Saving Account (ISA) - Overall annual limit | £20,000 | £20,000 | £20,000 | £20,000 |
| Individual Saving Account (ISA) - Junior account limit | £9,000 | £9,000 | £9,000 | £9,000 | Personal Annual Pension Allowance 100% of salary up to: | £40,000 | £40,000 | £40,000 | £40,000 |
| Permitted pension contributions (irrespective of salary) | £4,000 | £4,000 | £4,000 | £4,000 |
| Rent-a-room maximum | £7,500 | £7,500 | £7,500 | £7,500 |
| High income child benefit charge threshold (3) | £50,000 | £50,000 | £50,000 | £50,000 |
| Micro-entrepreneurs trading allowances | £1,000 | £1,000 | £1,000 | £1,000 |
Note 1: Where income is above £100,000 the Personal Allowance reduces by £1 for every £2 of income above the £100,000 limit down to zero. This reduction applies to all people irrespective of age or date of birth.
Note 2: The Married Couples allowances applies to those born before 6 April 1935. The allowance reduces by £1 for every £2 of income above the specified income limit of £31,400, but never falls below the minimum amount specified above. Tax relief for the Married Couples Allowance is given at 10%.
Note 3: Charge of 1% of the child benefit per £100 of adjusted net income over £50,000; 100% of the child benefit withdrawn when adjusted net income reaches £60,000.
| State Pension (from 6th April) | 2024-2025 | 2023-2024 | 2022-2023 | 2021-2022 |
| Old State Pension: Single allowance per week | £169.50 | £156.20 | £141.85 | £137.60 |
| New State Pension (applies to those reaching retirement age after 5 April 2016) |
£221.20 | £203.85 | £185.15 | £179.60 |
| National Insurance Class 1 | 2024-2025 | 2023-2024 | 2022-2023 | 2021-2022 |
| Employee's Earnings Limits | Weekly-Monthly-Yearly | Weekly-Monthly-Yearly | Weekly-Monthly-Yearly | Weekly-Monthly-Yearly |
| - Lower earnings limit (LEL) The minimum level of earnings employees need to qualify for benefit including State Pension. |
£123 - £533 - £6,396 | £123 - £533 - £6,396 | £123 - £533 - £6,396 | £120 - £520 - £6,240 |
| - Primary threshold (PT) The level of earnings above which employees Class 1 contributions become payable. |
£242 - £1,048 - £12,570 | £242 - £1,048 - £12,570 | £242 - £1,048 - £12,570 (£190 - £823 - £9,880) (06-Apr-22 to 05-Jul-22) |
£184 - £797 - £9,568 |
| - Secondary threshold (ST) The level of earnings above which employers Class 1 contributions become payable. |
£175 - £758 - £9,100 | £175 - £758 - £9,100 | £175 - £758 - £9,100 | £170 - £737 - £8,840 |
| - Upper earnings limit (UEL) Employees do not pay Class 1 contributions above this level. |
£967 - £4,189 - £50,270 | £967 - £4,189 - £50,270 | £967 - £4,189 - £50,270 | £967 - £4,189 - £50,270 |
People stop paying Class 1 and Class 2 contributions when they reach State Pension Age, which is determined by gender and date of birth.
| Employers Allowance | 2024-2025 | 2023-2024 | 2022-2023 | 2021-2022 |
| Employer's Allowance | £5,000 | £5,000 | £4,000 | £4,000 |
| National Insurance Employee's Class 1 |
2024-2025 | 2023-2024 | 2022-2023 | 2021-2022 |
| - Primary rate from PT to UEL | 8% | 12% (10%) (06-Jan-24 to 05-Apr-24) |
12% (13.25%) (06-Apr-22 to 05-Nov-22) |
12% |
| - Above UEL | 2% | 2% | 2% (3.25%) (06-Apr-22 to 05-Nov-22) |
2% |
| National Insurance Employer's Class 1 rates |
2024-2025 | 2023-2024 | 2022-2023 | 2021-2022 |
| - Primary rate above ST | 13.8% | 13.8% | 13.8% (15.05%) (06-Apr-22 to 05-Nov-22) |
13.8% |
| National Insurance Employer's Class 1A rates on B-I-K |
2024-2025 | 2023-2024 | 2022-2023 | 2021-2022 |
| Employer's Class 1A NI rates on B-I-K | 13.8% | 13.8% | 15.05% | 13.8% |
| National Insurance Class 2 |
2024-2025 | 2023-2024 | 2022-2023 | 2021-2022 |
| Self-employed National Insurance | ||||
| - on annual earnings over | £6,725 | £6,725 | £6,725 | £6,515 |
| - weekly contribution | £3.45 | £3.45 | £3.15 | £3.05 |
| - maximum annual contribution | £179.40 | £179.40 | £163.80 | £158.60 |
| National Insurance Class 4 |
2024-2025 | 2023-2024 | 2022-2023 | 2021-2022 |
| Self-employed National Insurance on taxable profits between: | ||||
| - Lower Profit Limit (LPL) | £12,570 | £12,570 | £11,908 | £9,568 |
| - Upper Profit Limit (UPL) | £50,270 | £50,270 | £50,270 | £50,270 |
| - Rate applied to earnings above LPL to UPL | 6% | 9% | 9.73% | 9% |
| - Rate applied to earnings above UPL | 2% | 2% | 2.73% | 2% |
| Capital Gains Tax | 2024-2025 | 2023-2024 | 2022-2023 | 2021-2022 |
| Annual exempt amount: | ||||
| - Individuals & personal representatives (Next year: £3,000) | £3,000 | £6,000 | £12,300 | £12,300 |
| - Trustees (Next year: £1,500) | £1,500 | £3,000 | £6,150 | £6,150 |
| Taxed at Basic and Standard Rate | 10% | 10% | 10% | 10% |
| Taxed at Higher and Additional Rate | 20% | 20% | 20% | 20% |
| Gains qualifying for Business Asset Disposal Relief | 10% | 10% | 10% | 10% |
| Gains on residential properties as a basic rate taxpayer | 18% | 18% | 18% | 18% |
| Gains on residential properties as a higher rate taxpayer | 28% | 28% | 28% | 28% |
Note 1: Business Asset Disposal Relief available at 10% with a lifetime limit of £1m from 11 March 2020 (Previously £10m).
| Inheritance Tax | 2024-2025 | 2023-2024 | 2022-2023 | 2021-2022 |
| No tax charge arises up to: | £325,000 | £325,000 | £325,000 | £325,000 |
| Taxed above £325,000 at: | 40% | 40% | 40% | 40% |
| Lifetime transfers to most trusts: | 20% | 20% | 20% | 20% |
| Main exempt lifetime gifts | ||||
| Small gifts (per recipient): | £250 | £250 | £250 | £250 |
| Parent's gift on marriage: | £5,000 | £5,000 | £5,000 | £5,000 |
| Grandparent's gift on marriage: | £2,500 | £2,500 | £2,500 | £2,500 |
| Gifts (per donor): | £3,000 | £3,000 | £3,000 | £3,000 |
Note 1: Each individual has a tax-free gift allowance of £3,000 per annum. This means that a donor can give £3,000 in any one tax year without tax implications. Anything larger than £3,000 will be considered a ‘Potentially Exempt Transfer’ (PET) and may be subject to inheritance tax should the donor fail to survive seven years from the date the gift is made.
Note 2: Tapering relief is given in respect of gifts made between three and seven years before death as follows:
| Survival Years | 0-3 | 3-4 | 4-5 | 5-6 | 6-7 | Over 7 |
| Taper relief | 0% | 20% | 40% | 60% | 80% | 100% |
| Effective IHT Rate | 40% | 32% | 24% | 16% | 8% | 0% |
| Residential Property Stamp Duty | England & NI SDLT |
Scotland LBTT |
Wales LTT |
|
| £0 - £145,000 | Nil | Nil | Nil | |
| £145,001 - £225,000 | Nil | 2% | Nil | |
| £225,001 - £250,000 | Nil | 2% | 6% | |
| £250,001 - £325,000 | 5% | 5% | 6% | |
| £325,001 - £400,000 | 5% | 10% | 6% | |
| £400,001 - £750,000 | 5% | 10% | 7.5% | |
| £750,001 - £925,000 | 5% | 12% | 10% | |
| £925,001 - £1.5m | 10% | 12% | 10% | |
| Above £1.5m | 12% | 12% | 12% | |
| There are additional supplementary charges for second homes: England and Northern Ireland there is a 3% (4% for Scotland).
In England and Northern Ireland, for first time buyers the zero rate is extended to £425,000, and 5% charged on the balance of residential properties worth £625,000 or less. In Scotland for first time buyers the zero rate is extended to £175,000. |
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| Corporation Tax | From 01-04-24 | From 01-04-23 | From 01-04-22 | From 01-04-21 |
| Main rate: | 25% | 25% | 19% | 19% |
| Loans to participators | 33.75% | 33.75% | 33.75% | 32.5% |
Note 1: From 1 March 24 and 31 March 25, the main rate will be 25%. A small profits rate of 19% will apply to profits up to £50,000. The marginal rate will increase from 19% to 26.5% on profits between £50,000 and £250,000.
| VAT thresholds and limits | Registration threshold |
Deregistration limit |
| from 1 Apr 2024 | £90,000 | £88,000 |
| from 1 Apr 2017 to 31 Mar 2024 | £85,000 | £83,000 |
| 01 Apr 16 to 31 Mar 17 | £83,000 | £81,000 |
| Mileage Rates to be used for privately owned vehicles from 6 April 2011 | First 10,000 miles |
Above 10,000 miles |
| Cars and vans | 45p | 25p |
| Motorcycles | 24p | 24p |
| Cycles | 20p | 20p |
Van Benefits |
2024-2025 |
2023-2024 |
2022-2023 |
2021-2022 |
| Van benefit | £3,960 |
£3,960 |
£3,600 |
£3,500 |
| Fuel benefit | £757 |
£757 |
£688 |
£669 |
| No fuel benefit for electric vans | - |
- |
- |
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