Tax Facts Spring 2023
| Income Tax Allowances 2023/2024 | £ | National Insurance Contributions | |||||
| Personal allowance | 12570 | Class 1 (earnings related) | |||||
| Married couple's allowance (relief @ 10%) can be transferred to partner | Employees NI (weekly earnings) | ||||||
| Either partner born before 6.4.1935 | First £241 | Nil | |||||
| Blind person's allowance | 2,870 | £242 - £967 per week | % | ||||
| Taxable Income £ | Rate % | Over £967 per week | 2% | ||||
| 0-37700 (above threshold) | 20 | Employers NI (weekly earnings) | |||||
| 37,701 - 125140 (above threshold) | 40 | First £241 | Nil | ||||
| Over £125140 | 45 | Over £241 | 13.8% | ||||
| Dividends taxed at 0% up to £1000 thereafter 8.75% in the basic rate band | Employment NI allowance(per year) | £5,000 | |||||
| at 33.75% in the higher rate band and | Class 1a and Class 1b | 13.8% | |||||
| at 39.35% in the upper rate band | Class 2 (self-employed) flat rate per wk | £3.45 | |||||
| Small profits threshold per yr | £6,725 | ||||||
| Inheritance Tax - Death Rates | Rate % | Class 3 (Voluntary contributions) per wk | £17.45 | ||||
| Up to £325,000 | 0 | Class 4 (Self-employed) - 9% of profits (see below) | |||||
| Over £325,000 | 40 | between £12570 and £50270 per yr. | 9% | ||||
| Chargeable lifetime transfers are initially charged at 20% | 2% of profits above £50270 per yr. | 2% | |||||
| Annual gifts of up to £3,000 per donor or split between several are exempt. Gift to a child up to £5000 |
Car Benefit CO2 emissions grms per km |
Electric zero emission miles |
% of list price |
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|
Gift to a grandchild up to £2500 Gift to any other £1000 - all exempt of Inheritance Tax |
0 1-50 |
2% 130 & 2% above |
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| Capital Gains Tax | £ | 1-50 | 70 - 129 | 5% | |||
| Annual exempt amounts 2023/24: | 6000 | 1-50 | <30 | 14% | |||
| Available for individuals, disabled trusts, personal reps for year of death and two years thereafter | 51-54 | 15% | |||||
| 55-59 | 16% | ||||||
| Trusts generally: | 60-64 | 17% | |||||
| Basic rate 18% Higher rate 28% | 65-69 | 18% | |||||
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70-74 | 19% | |||||
| Non residential or other gains 10% or gains to which entrepeneurs' | 75-79 | 20% | |||||
| relief applies | 80-84 | 21% | |||||
| Corporation Tax | Rate % | 85-89 | 22% | ||||
| Financial year to 31.3.24 | 19 | 90-94 | 23% | ||||
| Financial year to 31.3.23 | 19 | 95-99 | 24% | ||||
| Stamp Taxes | Rate % | 100-104 | 25% | ||||
| Transfer of land & buildings (Residential) £ | 105-109 | 26% | |||||
| 0 - 250,000 | 0% | 110-114 | 27% | ||||
| 250,001 - 925,000 | 5% | 115-119 | 28% | ||||
| 925,001 - 1,500,000 | 10% | 120-124 | 29% | ||||
| Over £1,500,000 | 12% | 125-129 | 30% | ||||
| 130-134 | 31% | ||||||
| Individual Savings Accounts (ISAs) | £ | 135-139 | 32% | ||||
| Annual limit | 20,000 | 140-144 | 33% | ||||
| Junior ISA annual limit | 9,000 | 145-149 | 34% | ||||
| Lifetime ISA annual limit | 4,000 | 150-154 | 35% | ||||
| 155 - 159 | 36% | ||||||
| Value Added Tax | Rate % | 160 or more 37% | |||||
| Standard rate | 20 | A 3% charge applies to cars incapable of producing CO2 | |||||
| Reduced rate | 5 | Car Fuel Benefit | |||||
| Registration threshold from 1.4.20 | £85,000 | Calculated by applying the above car benefit percentage to a figure of £27,800 | |||||
| Tax Credits: | Tax-Free Mileage Allowances | ||||||
| (Child Tax Credit) | £ | Employee's own vehicle | |||||
| Family element | 545 | Motorcars and vans | 2023/2024 | ||||
| Child element (for each child) | 3235 | Up to 10,000 business miles per yr | 45p | ||||
| Disabled child element | 3905 | Over 10,000 business miles | 25p | ||||
| Severely disabled child element | 1575 | Each passenger making same trip | 5p | ||||
| (Working Tax Credit) | £ | Motorcycles | 24p | ||||
| Being replaced by Universal Credit | Cycles | 20p | |||||
| Over 25 years of age single person | 368.74 |
Advisory Fuel Rates for Company Car from 1.3.19 |
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| Cylinder capacity LPG | Petrol | Diesel | |||||
| 0 - 1,400 cc 8p | 12p | - | |||||
| 0 - 1,600 cc | - | 9p | |||||
| 1,401 cc- 2,000 cc 10p | 14p | - | |||||
| 1,601 cc - 2,000 cc | - | 11p | |||||
| Over 2,000 cc 14p | 20p | 13p | |||||
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