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


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