Tax Data Card 2023-24 - www.rossmartin.co.uk

A summary of key tax rates and allowances for 2023-24 and 2022-23.

Income Tax

Personal allowances	2023-24	2022-23
Personal allowance (PA)	£12,570	£12,570
PA restricted by £1 for every £2 of adjusted net income over	£100,000	£100,000
Transferable tax allowance for married couples and civil partners	£1,260	£1,260
Blind person's allowance	£2,870	£2,600
Married couples' allowance (at least one born pre-6 April 1935): Maximum (relief given at 10%) Minimum (relief given at 10%) Income limit	£10,375 £4,010 £34,600	£9,415 £3,640 £31,400

Other allowances	2023-24	2022-23
Personal savings allowance: Basic rate taxpayers Higher rate taxpayers Additional rate taxpayers	£1,000 £500 £0	£1,000 £500 £0
Maximum savings starting rate (non-savings income < PA) Reduces by £1 for every £1 of non-savings income > PA	£5,000	£5,000
Dividend allowance	£1,000	£2,000
Rent-a-room relief amount	£7,500	£7,500
Trading allowance	£1,000	£1,000
Property allowance	£1,000	£1,000

Income Tax bands and rates	2023-24	2022-23
Basic rate band: Savings Non-savings Dividends Gift Aid and pension contributions can extend basic rate band	£37,700 20% 20% 8.75%	£37,700 20% 20% 8.75%
Higher rate band: Savings Non-savings Dividends	£37,701-£125,140 40% 40% 33.75%	£37,701-£150,000 40% 40% 33.75%
Additional rate band: Savings Non-savings Dividends	£125,140+ 45% 45% 39.35%	£150,000+ 45% 45% 39.35%
Rates applicable to trusts: Savings Non-savings Dividends	45% 45% 39.35%	45% 45% 39.35%

Non-domicile remittance basis charge (RBC)	2023-24	2022-23
De minimis unremitted foreign income and gains	£2,000	£2,000
UK resident 7 of last 9 tax years RBC	£30,000	£30,000
UK resident 12 of last 14 tax years RBC	£60,000	£60,000
UK resident 15 of last 20 tax years	Deemed domiciled	Deemed domiciled

Child benefit	2023-24	2022-23
One child (per week)	£24.00	£21.80
Additional children (per week)	£15.90	£14.45
Reduced by 1% for every £100 of income over	£50,000	£50,000
Child benefit fully repayable if income over	£60,000	£60,000

Note: for devolved Income Tax rates and bands applying in Scotland, see: Scottish Income Tax Rates

Savings & investments

CGT

IHT

VAT

Stamp Duties & ATED

Stamp Duty	2023-24	2022-23
Newly issued shares	0%	0%
Stocks and marketable securities with consideration over £1,000	0.5%	0.5%

Stamp Duty Land Tax: residential property	2023-24	2022-23
First time buyers where cost of property < £625,000 (£500,000 before 23 September 2022): £0 - £425,000 (£300,000 before 23 September 2022) £425,000 - £625,000 (£300,000 - £500,000 before 23 September 2022) If the cost is more than £625,000 then the normal rates apply.	0% 5%	0% 5%
£0 - £250,000 (£125,000 before 23 September 2022)	0%	0%
£125,001 - £250,000	N/A	2%
£250,001 - £925,000	5%	5%
£925,001 - £1,500,000	10%	10%
£1,500,001 +	12%	12%
Supplement for second home/buy-to-let and companies Not applicable if consideration less than	3% £40,000	3% £40,000
Higher rate for non-natural person with non-qualifying activity (applies to companies, partnerships with a company partner and collective investment schemes)	15% if >£500,000	15% if >£500,000
Surcharge for non-UK residents	2%	2%

Stamp Duty Land Tax: non-residential or mixed property	2023-24	2022-23
£0 - £150,000	0%	0%
£150,001 - £250,000	2%	2%
£250,001 +	5%	5%
Qualifying purchases in Freeport tax sites are eligible for full relief from SDLT.

Annual Tax on Enveloped Dwellings	2023-24	2022-23
Applies if market value on valuation date exceeds	£500,000	£500,000
Valuation dates	1 April 2022	1 April 2017
Annual charge if taxable value is £500,001 - £1,000,000	£4,150	£3,800
£1,000,001 - £2,000,000	£8,450	£7,700
£2,000,001 - £5,000,000	£28,650	£26,050
£5,000,001 - £10,000,000	£67,050	£60,900
£10,000,001 - £20,000,000	£134,550	£122,250
£20,000,001 +	£269,450	£244,750

Note:

For devolved Land and Buildings Transactions Tax rates and bands applying in Scotland, see: Scottish LBTT Rates
For devolved Land Transaction Tax rates and bands applying in Wales, see: Welsh LTT Rates

Corporation Tax

Capital Allowances

National Insurance

Class 1 (employers & employees)

Thresholds

	2023-24			2022-23
	Weekly	Monthly	Yearly	Weekly	Monthly	Yearly
Lower earnings limit	£123	£533	£6,396	£123	£533	£6,396
Primary threshold 6 April 2023 to 5 April 2024 6 April 2022 to 5 July 2022 6 July 2022 to 5 April 2023 6 April 2022 to 5 April 2023 (annual: directors)	£242	£1,048	£12,570	£190 £242 £229	£823 £1,048 £992	£9,880 £12,570 £11,908
Upper earnings limit	£967	£4,189	£50,270	£967	£4,189	£50,270
Secondary threshold	£175	£758	£9,100	£175	£758	£9,100
Freeport upper secondary threshold	£481	£2,083	£25,000	£481	£2,083	£25,000
Upper secondary threshold (under 21)	£967	£4,189	£50,270	£967	£4,189	£50,270
Apprentice (under 25) upper secondary threshold	£967	£4,189	£50,270	£967	£4,189	£50,270
Veterans' upper secondary threshold	£967	£4,189	£50,270	£967	£4,189	£50,270

Rates

2023-24

2022-23

Employees' main rate (primary threshold to upper earnings limit)

6 April 2023 to 5 January 2024

6 January 2024 to 5 April 2024

6 April 2023 to 5 April 2024 (annual: directors)

6 April 2022 to 5 November 2022

6 November 2022 to 5 April 2023

6 April 2022 to 5 April 2023 (annual: directors)

12%

10%

11.5%

13.25%

12%

12.73%

Employees' lower rate (above upper earnings limit)

6 April 2023 to 5 April 2024

6 April 2022 to 5 November 2022

6 November 2022 to 5 April 2023

6 April 2022 to 5 April 2023 (annual: directors)

3.25%

2.73%

Employers' rate*

6 April 2023 to 5 April 2024

6 April 2022 to 5 November 2022

6 November 2022 to 5 April 2023

6 April 2022 to 5 April 2023 (annual: directors)

13.8%

15.05%

13.8%

14.53%

Married women’s reduced rate between primary threshold and upper earnings limit

6 April 2023 to 5 January 2024

6 January 2024 to 5 April 2024

6 April 2022 to 5 November 2022

6 November 2022 to 5 April 2023

5.85%

3.85%

7.1%

5.85%

Married women’s rate above upper earnings limit

6 April 2023 to 5 April 2024

6 April 2022 to 5 November 2022

6 November 2022 to 5 April 2023

3.25%

*No employer's NIC on employees under 21, apprentices under 25, Freeport employees and veterans in the first year, up to relevant upper secondary thresholds.

Classes 1A and 1B (employers)

	2023-24	2022-23
Class 1A	13.8%	14.53%
Class 1B	13.8%	14.53%

Where Class 1A National Insurance is payable on termination awards and sporting testimonial payments in 2022-23, this is paid at:

15.05% on payments made between 6 April 2022 and 5 November 2022.
13.8% on payments made between 6 November 2022 and 5 April 2023.

Classes 2 and 4 (self-employed)

	2023-24	2022-23
Class 2
Flat rate per week	£3.45	£3.15
Share fishermen per week	£4.10	£3.80
Volunteer development workers per week	£6.15	£6.15
Small profits threshold	£6,725	£6,725
Lower profits limit*	£12,570	£11,908
Class 4
Profit threshold	£12,570 to £50,270	£11,908 to £50,270
Rate	9%	9.73%
On profits over £50,270	2%	2.73%

*From 2022-23, where profits fall between the small profits threshold and lower profits limit, the earner is treated as having paid notional Class 2 contributions at a zero rate.

Class 3 (voluntary)

	2023-24	2022-23
Flat rate per week	£17.45	£15.85

Interest

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ISA	2023-24	2022-23
ISA annual limit (cash and shares combined)	£20,000	£20,000
Lifetime ISA annual limit	£4,000	£4,000
Lifetime ISA withdrawal charge	25%	25%
Help to buy ISA limit per month (closed to new accounts November 2019)	£200	£200
Junior ISA annual limit	£9,000	£9,000

Venture capital	2023-24	2022-23
Maximum individual investment: Enterprise Investment Scheme (EIS) EIS, where amounts over £1m invested in 'knowledge-intensive' companies Seed EIS (SEIS) Venture Capital Trust (VCT) Social Investment Tax Relief (SITR) (expires 6 April 2023)	£1,000,000 £2,000,000 £200,000 £200,000 Nil	£1,000,000 £2,000,000 £100,000 £200,000 £1,000,000
Maximum Income Tax reduction: EIS SEIS VCT SITR	30% 50% 30% N/A	30% 50% 30% 30%

Pensions	2023-24	2022-23
Lifetime allowance Excess taxed at: 55% for cash drawn 25% for income drawn	£1,073,100 (removed from 6 April 2024) Lifetime allowance charge removed from 6 April 2023	£1,073,100
Annual allowance maximum	£60,000	£40,000
Annual allowance minimum	£10,000	£4,000
Maximum gross tax-relieved contributions with no relevant earnings	£3,600	£3,600
Money purchase annual allowance	£10,000	£4,000

Exemptions	2023-24	2022-23
Annual exemption for individuals	£6,000	£12,300
Annual exemption for trusts generally	£3,000	£6,150
Chattels max gain 5/3rds x proceeds less exempt amount of...	£6,000	£6,000

Rates	2023-24	2022-23
Individuals: Basic rate Above basic rate Additional surcharge applicable to residential property gains	10% 20% 8%	10% 20% 8%
Trusts Additional surcharge applicable to residential property gains	20% 8%	20% 8%
Companies	See Corporation Tax

Reliefs	2023-24	2022-23
Business Asset Disposal Relief: qualifying lifetime limit	£1,000,000	£1,000,000
Investors' Relief: qualifying lifetime limit	£10,000,000	£10,000,000
Both reliefs result in CGT at 10% on qualifying gains

Exemptions and nil rates	2023-24	2022-23
Nil rate band	£325,000	£325,000
Residence nil rate band maximum Tapered for estates exceeding	£175,000 £2,000,000	£175,000 £2,000,000
Maximum at nil rate including maximum nil rate band transfers from spouse/civil parter	£1,000,000	£1,000,000

Rates	2023-24	2022-23
Chargeable lifetime transfers	20%	20%
Transfers on, or within seven years of, death (excess over nil rate band)	40%	40%
Transfers on death, where 10% or more left to charity	36%	36%
Taper relief on IHT payable for gifts made within seven years of death	0 - <3 years 3 - <4 years 4 - <5 years 5 - <6years 6 - <7 years More than 7 years	0% 20% 40% 60% 80% Exempt

Exemptions and reliefs	2023-24	2022-23
Gifts to UK domiciled spouse (or non-dom with domicile election)	Unlimited	Unlimited
Gifts to non-domiciled spouse (additional to nil rate band)	£325,000	£325,000
Annual exemption (per donor): can be carried forward one year	£3,000	£3,000
Small gifts exemption (per donee)	£250	£250
Wedding gift from parent	£5,000	£5,000
Wedding gift from grandparent	£2,500	£2,500
Wedding gift from others	£1,000	£1,000
Regular gifts out of income	Unlimited	Unlimited
Gifts to charities	Unlimited	Unlimited
Business Property Relief: Controlling interest in listed company Personal assets used by partnership or company you control Interest in a trading business Shares in an unquoted trading company (including AIM-listed)	50% relief 50% relief 100% relief 100% relief	50% relief 50% relief 100% relief 100% relief
Agricultural Property Relief (applicable to agricultural value)	100% relief generally 50% relief in some cases	100% relief generally 50% relief in some cases

VAT	2023-24	2022-23
Registration threshold (taxable turnover, i.e. excl. exempt)	£85,000	£85,000
Deregistration threshold	£83,000	£83,000
Rates: Standard Reduced Zero	20% 5% 0%	20% 5% 0%
Fractions: Standard Reduced	1 / 6 1 / 21	1 / 6 1 / 21
Cash accounting & annual accounting: Taxable turnover upper limit for joining Taxable turnover exit threshold	£1,350,000 £1,600,000	£1,350,000 £1,600,000
Flat rate scheme: Taxable turnover upper limit for joining Anniversary test: leave if total income (incl. exempt) greater than stay if total income in next 12 months will be less than	£150,000 £230,000 £191,500	£150,000 £230,000 £191,500
Flat rate scheme Limited Cost Trader (LCT): LCT applies if spend on relevant goods in the quarter is: Less than total income (incl. exempt) x OR, less than LCT rate (reduce by 1% first 12 months of registration)	2% £250 16.5%	2% £250 16.5%
Partial exemption de-minimis: recover VAT if input VAT attributable to exempt supplies is: on average less than and, as a proportion of total input VAT is no more than	£625 per month 50%	£625 per month 50%

Corporation Tax	2023-24	2022-23
General rate	N/A	19%
Small profits rate (profits <£50,000)	19%	N/A
Main rate (profits >£250,000)	25%	N/A
Marginal relief lower limit Marginal relief upper limit Reduced for short accounting periods and associated companies	£50,000 £250,000	N/A N/A
Marginal relief standard fraction	3/200	N/A
Effective marginal rate	26.5%	N/A
s.455 tax on loans to participators	33.75%	33.75%

Patent box and R&D	2023-24	2022-23
Patent box effective rate	10%	10%
Research and Development (R&D) capital expenditure relief	100%	100%
R&D total enhanced deduction for SMEs	186%	230%
R&D tax credit rate on the surrendable loss for SMEs. Payable tax credit in a year exceeding £20,000 is restricted to £20,000 + 3x total PAYE Income Tax and NICs liability.	10%	14.5%
R&D large company above the line credit (Research and development expenditure credit (RDEC))	20%	13%
R&D intensive SME payable credit (Where qualifying R&D expenditure is >40% of total expenditure)	14.5%	N/A
Film/high-end TV/video games tax credit Increases from 25% to 34% on 1 January 2024	25% / 34%	25%
Animation and children’s tax relief Increases from 25% to 39% on 1 January 2024	25% / 39%	25%

Capital allowances	2023-24	2022-23
Annual Investment Allowance (100%) up to	£1,000,000	£1,000,000
Super deduction (companies only)	N/A	130%
Special rate allowance (companies only)	N/A	50%
Plant and machinery general pool Writing Down Allowance (WDA)	18%	18%
Special rate WDA (e.g. integral features and certain long-life assets)	6%	6%
Full expensing (main rate assets)	100%	N/A
Full expensing (special rate assets)	50%	N/A
Small pool WDA where balance <£1,000	100%	100%
First Year Allowance for electric charge-points	100%	100%
First Year Allowance for new zero-emission goods vehicles	100%	100%
First Year Allowance for new plant and machinery used in Freeports	100%	100%
Structures and Buildings Allowance (SBA)	3%	3%
Enhanced SBA for Freeports	10%	10%

Capital allowance: cars	2023-24	2022-23
New and unused with CO₂ emissions of 0g/km	100%	100%
New or second-hand with CO₂ emissions of up to 50g/km	18%	18%
New or second-hand with CO₂ emissions above 50g/km	6%	6%
Include cars used by sole traders or partnerships with private use in a single asset pool

From	Late payment	Repayment
22 August 2023	7.75%	4.25%
11 July 2023	7.50%	4.00%
31 May 2023	7.00%	3.50%
13 April 2023	6.75%	3.25%
21 February 2023	6.50%	3.00%
6 January 2023	6.00%	2.50%
23 November 2022	5.50%	2.00%
11 October 2022	4.75%	1.25%
23 August 2022	4.25%	0.75%
5 July 2022	3.75%	0.50%
24 May 2022	3.50%	0.50%
5 April 2022	3.25%	0.50%