TAX RATES, ALLOWANCES AND RELIEFS FOR 2024/2025 

£ (GBP) 

Income limit for personal allowance 

£100,000 

Personal allowance 

£12,570 

Married couple's allowance maximum amount (for those born before 6 April 1935) 

£ 11,080 

Married couple's allowance minimum amount (for those born before 6 April 1935) 

£4,280 

Transferable Tax Allowance for married couples and civil partners 

£1,260 

Blind person's allowance 

£3,070 

Rate on taxable income 

Band, £(GBP) 

Rate,% 

Starting savings rate 

 0 - £5,000 

0* 

Basic rate 

 £0 - £37,700 

20** 

Higher rate 

£37,701 - £125,140 

40*** 

Additional rate 

 over £125,140 

45**** 

* Starting savings rate is available for savings income only. The rate 0% is not available if taxable non-savings income exceeds £5,000. 

Dividend Allowance of £500 is tax free.  
** except dividends (8.75%) 
*** except dividends (33.75%) 
**** except dividends (39.35%) 

Weekly earnings £(GBP) 

Not contracted out 

Class I (employment) Employee’s rate 

Up to £242 

Nil 

£242.01 to £967 

8% 

Over £967 

2% 

Employer’s rates   

Employment allowance, per employer, per year*       

£5,000 

Up to £175 

Nil 

Above £175 

13.8% 

Class 2 

Annual small earning exception is £6,725 per year 

Class 2 rate per week is £3.45 

Class 4 

Lower annual earnings limit is £12,570 

Upper annual earnings limit is £50,270 

Class 4 rate below lower earnings limit 

0% 

Class 4 rate between lower and upper earnings limit 

6% 

Class 4 rate above upper earnings limit 

2% 

* From 6 April 2020, the employment allowance will only apply to companies with an NIC bill of less than £100,000. No employers NIC for employees aged under 21 (and apprentices up to age 25) on earnings up to £967 per week (the upper earnings limit). 

 Standard rate taxpayers 

10% 

Higher& additional rate taxpayers 

20% 

Rates for trustees and personal representatives 

20% 

Individual annual exemption  

£3,000 

Trusts annual exemption  

£1,500 

Business asset disposal relief (Entrepreneurs’ relief) lifetime limit 

£1,000,000 

Entrepreneurs' relief rate 

10% 

Rates for individuals for gains on residential property not eligible for Private Residence Relief)

18% / 24% 

Rates for individuals (for gains on carried interest)

18% / 28% 

 Max annual contributions – Total overall annual investment limit a combination of amounts between a Cash and Stocks and Shares NISA, up to the overall annual limit of £20,000. 

£20,000