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2024/2025 Tax Rates and Allowances
Income Tax - Use our Tax Calculator to Calculate Income Tax
Tax Free Personal Allowance
the amount of gross income you can earn before you are liable to paying income tax
| Personal Allowance | £12,570 |
|---|---|
| Dividend Allowance | £500 |
| Personal Savings Allowance (Basic Rate Taxpayers) | £1,000 |
| Personal Savings Allowance (Higher Rate Taxpayers) | £500 |
Income Limits For Tapering
the amount of gross income you can have before your personal allowance is reduced personal allowance is reduced by £1 for every £2 over the limit * personal allowance will only be reduced to the basic personal allowance unless income is over £100,000
| Income Limit (Born after 5 April 1948) | £100,000 |
|---|---|
| Income Limit (Born before 6 April 1948) * | £37,000 |
Married Couples Allowance
available to a qualifying individual born before 6th April 1935 aged 75 or over 10% of the amount below is allowed to be deducted from the tax bill of a qualifying individual personal allowance is reduced by £1 for every £2 over the income limits for tapering - up to the minimum married couple's allowance level
| Married Couples Allowance | £11,080 |
|---|---|
| Minimum Married Couples Allowance | £4,280 |
Marriage Allowance (Transferable Tax Allowance)
available to a qualifying spouses/civil partners born after 5th April 1935 equivalent to 10% of the personal allowance spouses or civil partners not liable to taxes in the higher rate or above can transfer up to the amount available to their spouse or civil partner. the recipient receives a tax bill deduction of 20 percent of the amount transferred
| Marriage Allowance | £1,260 |
|---|
Blind Person's Allowance
| Additional Personal Allowance | £3,070 |
|---|
Student Loans Thresholds and Repayment Rates
Thresholds and Rates for Plan 1 (pre-Sep 2012) and Plan 2 (post-Sep 2012)
| Plan 1 | £24,990 (9%) |
|---|---|
| Plan 2 | £27,295 (9%) |
| Postgraduate Loan | £21,000 (6%) |
| Plan 4 | £31,395 (9%) |
Income Tax Bands and Percentages
*0% starting rate is for savings income only - if your non-savings income is above the starting band level, the 0% rate will NOT apply and the basic rate percentage will be used instead.
| Band | Limits | Percentage |
|---|---|---|
| Starting Rate (Savings only *) | £0 - £5,000 | 0%* |
| Basic Rate | £0 - £37,700 | 20% |
| Higher Rate | Over £37,700 | 40% |
| Additional/Top Rate | Over £125,140 | 45% |
Scotland Income Tax Bands and Percentages
*0% starting rate is for savings income only - if your non-savings income is above the starting band level, the 0% rate will NOT apply and the basic rate percentage will be used instead.
| Band | Limits | Percentage |
|---|---|---|
| Starting Rate (Savings only *) | £0 - £5,000 | 0%* |
| Starter Rate | £0 - £2,306 | 19% |
| Basic Rate | £2,307 - £13,991 | 20% |
| Intermediate Rate | £13,992 - £31,092 | 21% |
| Higher Rate | £31,093 - £62,430 | 42% |
| Advanced Rate | £62,431 - £125,140 | 45% |
| Additional/Top Rate | Over £125,140 | 48% |
Dividend Tax Bands and Percentages - Use our Dividend Tax Calculator to Calculate Tax On Dividends
| Band | Limits | Percentage |
|---|---|---|
| Ordinary Rate | £0 - £37,700 | 8.75% |
| Upper Rate | Over £37,700 | 33.75% |
| Additional/Top Rate | Over £125,140 | 39.35% |
National Insurance Contributions - Select your NIC Letter and calculate your NIC Liability
National Insurance Rates and Allowances
Find your classification by looking up your NIC letter on your payslip/return
Shared Banding For All NICs
| Lower Earnings Limit (Weekly) | £123 |
|---|---|
| Upper Earnings Limit (Weekly) | £967 |
| Primary Threshold (Weekly) | £242 |
| Secondary Threshold (Weekly) | £175 |
Rates for Class 1 NICs
| Between Primary Threshold and Upper Earnings Limit* | 8% |
|---|---|
| Above Upper Earnings Limit | 2% |
| Employers' Rate Above Secondary Threshold | 13.8% |
| Class 1A Rate On Employer Provided Benefits | 13.8% |
| Married Women's Reduced Rate Between Primary and Upper Earnings | 1.85% |
| Married Women's Reduced Rate Above Upper Earnings | 2% |
Self Employed Class 2 and Class 4 NICs
| Class 4 Lower Profits Limit (Annual) | £12,570 |
|---|---|
| Class 4 Upper Profits Limit (Annual) | £50,270 |
| Class 4 Rate Between Lower and Upper Profits | 6% |
| Class 4 Rate Above Upper Profits | 2% |
| Class 2 Earnings Exception Limit | £12,570 |
| Small Profits Threshold | £6,725 |
| Class 2 Weekly Amount | £3.45 |
| Class 2 Weekly Amount (Share Fisherman) | £4.10 |
| Class 2 Weekly Amount (Volunteer Development Workers) | £6.15 |
Voluntary Class 3 NICs
| Weekly rate | £17.45 |
|---|
Corporation Tax - Calculate Corporation Tax
Corporation Tax Rates and Limits
| Small Profits Rate | 19% |
|---|---|
| Main Rate | 25% |
| Small Profits Limit | £50,000 |
| Marginal Relief Lower Limit | £50,000 |
| Marginal Relief Upper Limit | £250,000 |
| Marginal Relief Fraction | 3/200 |
Capital Gains Tax - Calculate Capital Gains Tax
Capital Gains Tax Rates and Annual Exempt Amounts
Rates for Other Gains will change to the higher quoted percentage for disposals made on or after October 30th 2024.
Annual Exempt Amount
| Individuals, Personal Reps and Trustees for Disable People | £3,000 |
|---|---|
| Other Trustees | £1,500 |
CGT Tax Rates
| Individuals - Basic Rate Taxpayer (Residential Property) | 18% |
|---|---|
| Individuals - Higher Rate Taxpayer (Residential Property) | 24% |
| Individuals - Basic Rate Taxpayer (Other Gains) | 10% - 18% |
| Individuals - Higher Rate Taxpayer (Other Gains) | 20% - 24% |
| Personal Representative of a Deceased Individual (Residential Property) | 28% |
| Personal Representative of a Deceased Individual (Other Gains) | 20% |
| Gains Qualifying for Entrepreneurs' Relief | 10% |