Tax Data Card 2024-25 - www.rossmartin.co.uk

A summary of key tax rates and allowances for 2024-25 and 2023-24.

Income Tax

Personal allowances	2024-25	2023-24
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	£3,070	£2,870
Married couples' allowance (at least one born pre-6 April 1935): Maximum (relief given at 10%) Minimum (relief given at 10%) Income limit	£11,080 £4,280 £37,000	£10,375 £4,010 £34,600

Other allowances	2024-25	2023-24
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	£500	£1,000
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	2024-25	2023-24
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-£125,140 40% 40% 33.75%
Additional rate band: Savings Non-savings Dividends	£125,140+ 45% 45% 39.35%	£125,140+ 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)	2024-25	2023-24
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	2024-25	2023-24
One child (per week)	£25.60	£24.00
Additional children (per week)	£16.95	£15.90
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

Corporation Tax

Corporation Tax	2024-25	2023-24
Small profits rate (profits < lower limit below)	19%	19%
Main rate (profits > upper limit below)	25%	25%
Marginal relief lower limit Marginal relief upper limit Reduced for short accounting periods and associated companies	£50,000 £250,000	£50,000 £250,000
Marginal relief standard fraction	3/200	3/200
Effective marginal rate	26.5%	26.5%
s.455 tax on loans to participators	33.75%	33.75%

Patent box and R&D	2024-25	2023-24
Patent box effective rate	10%	10%
Research and Development (R&D) capital expenditure relief	100%	100%
R&D total enhanced deduction for SMEs	N/A	186%
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.	N/A	10%
R&D large company above the line credit (Research and development expenditure credit (RDEC))	N/A	20%
R&D merged scheme from 1 April 2024, above the line credit Notional tax rate for loss-making companies	20% 19%	N/A N/A
R&D intensive SME payable credit (Where qualifying R&D expenditure is >40% (>30% from 1 April 2024) of total expenditure)	14.5%	14.5%

Other reliefs	2024-25	2023-24
Film tax relief	25% or 34%	25% or 34%
High-end TV tax relief	25% or 34%	25% or 34%
Video games tax relief	25% or 34%	25% or 34%
Animation tax relief	25% or 39%	25% or 39%
Children’s TV tax relief	25% or 39%	25% or 39%
Note: From 1 January 2024 the Audio-Visual Expenditure Credit (AVEC) and Video Games Expenditure Credit (VGEC) were implemented. The VGEC has a rate of 34%. Under the AVEC, film and high-end TV will be eligible for a rate of 34% and animation and children’s TV will be eligible for a rate of 39%.
Cultural reliefs
Museums and galleries exhibition tax relief	45% or 50%	45% or 50%
Theatre tax relief	45% or 50%	45% or 50%
Orchestra tax relief	50%	50%

Capital Allowances

National Insurance

Class 1 (employers & employees)

Thresholds

	2024-25			2023-24
	Weekly	Monthly	Yearly	Weekly	Monthly	Yearly
Lower earnings limit	£123	£533	£6,396	£123	£533	£6,396
Primary threshold	£242	£1,048	£12,570	£242	£1,048	£12,570
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
Investment Zone upper secondary threshold	£481	£2,083	£25,000	£481	£2,083	£25,000

Employment Allowance

	2024-25	2023-24
Employment Allowance	£5,000	£5,000

Rates

	2024-25	2023-24
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)	8%	12% 10% 11.5%
Employees' lower rate (above upper earnings limit)	2%	2%
Employers' rate*	13.8%	13.8%
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	1.85%	5.85% 3.85%
Married women’s rate above upper earnings limit	2%	2%

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

Classes 1A and 1B (employers)

	2024-25	2023-24
Class 1A	13.8%	13.8%
Class 1B	13.8%	13.8%

Classes 2 and 4 (self-employed)

	2024-25	2023-24
Class 2
Flat rate per week*	£3.45	£3.45
Share fishermen per week	£4.10	£4.10
Volunteer development workers per week	£6.15	£6.15
Small profits threshold	£6,725	£6,725
Lower profits threshold*	N/A	£12,570
Class 4
Profit limits (lower to upper)	£12,570 to £50,270	£12,570 to £50,270
Rate	6%	9%
On profits over £50,270	2%	2%

*Compulsory Class 2 contributions are abolished for 2024-25.

Class 3 (voluntary)

	2024-25	2023-24
Flat rate per week	£17.45	£17.45

Interest

ISA	2024-25	2023-24
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	2024-25	2023-24
Maximum individual investment: Enterprise Investment Scheme (EIS) EIS, where amounts over £1m invested in 'knowledge-intensive' companies Seed EIS (SEIS) Venture Capital Trust (VCT)	£1,000,000 £2,000,000 £200,000 £200,000	£1,000,000 £2,000,000 £200,000 £200,000
Maximum Income Tax reduction: EIS SEIS VCT	30% 50% 30%	30% 50% 30%

Pensions	2024-25	2023-24
Lifetime allowance	N/A (removed from 6 April 2024)	£1,073,100 Lifetime allowance charge removed from 6 April 2023
Annual allowance maximum	£60,000	£60,000
Annual allowance minimum	£10,000	£10,000
Maximum gross tax-relieved contributions with no relevant earnings	£3,600	£3,600
Money purchase annual allowance	£10,000	£10,000

Exemptions	2024-25	2023-24
Annual exemption for individuals	£3,000	£6,000
Annual exemption for trusts generally	£1,500	£3,000
Chattels max gain 5/3rds x proceeds less exempt amount of:	£6,000	£6,000

Rates	2024-25	2023-24
Individuals: Basic rate Above basic rate Additional surcharge applicable to residential property gains Additional surcharge applicable to carried interest gains	10% 20% 4% 8%	10% 20% 8% 8%
Trusts Additional surcharge applicable to residential property gains	20% 4%	20% 8%
Companies	See Corporation Tax

Reliefs	2024-25	2023-24
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

IHT exemptions and nil rates	2024-25	2023-24
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 partner	£1,000,000	£1,000,000

Rates	2024-25	2023-24
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	2024-25	2023-24
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	2024-25	2023-24
Registration threshold (taxable turnover, i.e. excl. exempt)	£90,000	£85,000
Deregistration threshold	£88,000	£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%

Stamp Duty	2024-25	2023-24
Newly issued shares	0%	0%
Stocks and marketable securities with consideration over £1,000	0.5%	0.5%

Stamp Duty Land Tax: residential property	2024-25	2023-24
First-time buyers where cost of property < £625,000: £0 - £425,000 £425,000 - £625,000 If the cost is more than £625,000 then the normal rates apply.	0% 5%	0% 5%
£0 - £250,000	0%	0%
£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	2024-25	2023-24
£0 - £150,000	0%	0%
£150,001 - £250,000	2%	2%
£250,001 +	5%	5%
Qualifying purchases in Freeport tax sites and Investment Zones are eligible for full relief from SDLT.

Annual Tax on Enveloped Dwellings	2024-25	2023-24
Applies if market value on valuation date exceeds	£500,000	£500,000
Valuation dates	1 April 2022	1 April 2022
Annual charge if taxable value is £500,001 - £1,000,000	£4,400	£4,150
£1,000,001 - £2,000,000	£9,000	£8,450
£2,000,001 - £5,000,000	£30,550	£28,650
£5,000,001 - £10,000,000	£71,500	£67,050
£10,000,001 - £20,000,000	£143,550	£134,550
£20,000,001 +	£287,500	£269,450

Capital allowances	2024-25	2023-24
Annual Investment Allowance (100%) up to	£1,000,000	£1,000,000
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%	100%
Full expensing (special rate assets)	50%	50%
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%
First Year Allowance for new plant and machinery used in Investment Zones	100%	100%
Structures and Buildings Allowance (SBA)	3%	3%
Enhanced SBA for Freeports	10%	10%
Enhanced SBA for Investment Zones	10%	10%

Capital allowance: cars	2024-25	2023-24
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%