Income Tax Allowances 23/24 22/23
£ £
Personal allowance 12,570 12,570
Income limit 100,000 100,000
Transferable allowance 1,260 1,260
Dividend allowance 1,000 2,000
Personal saving allowance
Basic rate taxpayer 1,000 1,000
Higher rate taxpayer 500 500
Income Tax Rates - Scotland (non-savings, non-dividends)
19% 0-2,097 0-2,162
20% 2,098-12,726 2,163-13,118
21% 12,727-31,092 13,119-31,092
42% 31,093-125.140 31,093-150,000
47% over 125,140 over 150,000
Income Tax Rates - UK
20% (dividends 8.75%) 0-37,700 0-37,700
40% (dividends 33.75%) 37,701-125,140 37,701-150,000
45% (dividends 39.35%) over 125,140 over 150,000
National Insurance Contributions (April to July)
Class 1 (Weekly) - Employees
First £190 Nil
£190.01-£967 12%
Over £967 2%
Employers
First £175 Nil
Over £175 13.8%
Self-employed
Class 2 - £3.45 per week (Small profits threshold £6,725 pa)
Class 4 - 9% of profits between £12,570 and £50,270 pa, 2% above £50,270
Inheritance Tax
Nil rate band £325,000
Residence nil rate band £175,000
Capital Gains Tax
Annual exempt amount - £6,000
Rates - Standard rate 10%
Higher rate 20%
Residential property 18/28%
Business assets 10% (up to maximum of £1m)
