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Income Tax Rates
Income tax allowances |
2024/25 |
2023/24 |
2022/23 |
|
Personal allowance |
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Basic allowance | £12,570 | £12,570 | £12,570 | |
Income limit for personal allowance | £100,000 | £100,000 | £100,000 | |
Dividend allowance | £500 | £1,000 | £2,000 | |
Marriage/civil partnership allowances |
2024/25 |
2023/24 |
2022/23 |
|
Marriage allowance transferable tax limit (born after 6 April 1935) | £1,260 | £1,260 | £1,260 | |
Married couples allowance maximum (born before 6 April 1935) | £11,080 | £10,375 | £9,415 | |
Married couples allowance minimum (born before 6 April 1935) | £4,280 | £4,010 | £3,640 | |
Income limit for married couples allowance (born before 6 April 1935) | £37,000 | £34,600 | £31,400 | |
Savings allowances |
2024/25 |
2023/24 |
2022/23 |
|
Basic rate | £1,000 | £1,000 | £1,000 | |
Higher rate | £500 | £500 | £500 | |
Additional rate | £0 | £0 | £0 | |
Other allowances |
2024/25 |
2023/24 |
2022/23 |
|
Blind person's allowance | £3,070 | £2,870 | £2,600 | |
Rent-a-room tax free home income (restricted to £3,750 if letting jointly) | £7,500 | £7,500 | £7,500 | |
Pre-owned assets de-minimis | £5,000 | £5,000 | £5,000 | |
Income tax - taxable bands |
2024/25 |
2023/24 |
2022/23 |
|
Starting rate for savings | 0% | £0 - £5,000 | £0 - £5,000 | £0 - £5,000 |
Basic rate | 20% | £0 - £37,700 | £0 - £37,700 | £0 - £37,700 |
Higher rate | 40% | £37,701 - £125,140 | £37,701 - £125,140 | £37,701 - £150,000 |
Additional rate | 45% | £125,401+ | £125,401+ | £150,001 + |
Dividend rates |
2024/25 |
2023/24 |
2022/23 |
|
Basic rate | 8.75% | 8.75% | 8.75% | |
Higher rate | 33.75% | 33.75% | 33.75% | |
Additional rate | 39.35% | 39.35% | 39.35% | |
Discretionary and relevant property trusts |
2024/25 |
2023/24 |
2022/23 |
|
Starting rate band | £500 | £1,000 | £1,000 | |
Starting dividend rate | 8.75% | 8.75% | 8.75% | |
Dividends above the starting rate | 39.95% | 39.35% | 39.35% | |
Other income above the starting rate | 45.00% | 45.00% | 45.00% | |
Interest in possession trusts |
2024/25 |
2023/24 |
2022/23 |
|
UK dividends | 8.75% | 8.75% | 8.75% | |
Savings, rent and trading | 20.00% | 20.00% | 20.00% |