| |
|
|
| |
£ (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) |
£11,270 |
|
| Married couple's allowance minimum amount (for those born before 6 April 1935) |
£4,360 |
|
| Transferable Tax Allowance for married couples and civil partners |
£1,260 |
|
| Blind person's allowance |
£3,130 |
|
|
Income Tax Rates / Savings rates
|
|
|
| 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. |
| Personal Savings Allowance - £1,000 / £500 (for basic rate taxpayers / for higher taxpayers) |
| Dividend Allowance of £500 is tax free. |
| ** except dividends (8.75%) |
| *** except dividends (33.75%) |
| **** except dividends (39.35%) |
|
National Insurance Contributions
|
|
|
| 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* |
£10,500 |
|
| Up to £96 |
Nil |
|
| Above £96 |
15.0% |
|
| Class 2 |
|
|
| Small Profits Threshold is £6,845 per year |
|
| Class 2 rate per week is £0 (£3.50 voluntary Below Small Profits Threshold) |
|
| 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% |
|
| * The previous limit restricting availability of the employment allowance to smaller employers will be removed from the 2025/26 tax year. Previously, employers were only eligible for the employment allowance if their total secondary Class 1 liability in the previous tax year was under £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). |
|
|
|
Capital Gains Tax
|
|
|
| Rates for gains on assets other than residential property and carried interest: |
|
|
| Standard rate taxpayers |
18% |
|
| Higher& additional rate taxpayers |
24% |
|
| Rate for trustees and personal representatives for gains on assets other than residential property and carried interest: |
|
|
| Standard rate taxpayers |
24% |
|
| Higher& additional rate taxpayers |
24% |
|
| Individual annual exemption |
£3,000 |
|
| Trusts annual exemption |
£1,500 |
|
| Business asset disposal relief: lifetime limit on qualifying gains |
£1,000,000 |
|
| Investors’ relief: lifetime limit on gains for external investors |
£1,000,000 |
|
| Rate on gains subject to business asset disposal relief |
14% / 14% |
|
| Rate on gains subject to investors’ relief |
14% / 14% |
|
| Rates for individuals for gains on residential property not eligible for Private Residence Relief) |
18% / 24% |
|
| Rates for individuals (for gains on carried interest) |
32% / 32% |
|
| Rates for trustees and personal representatives for gains on residential property not eligible for Private Residence Relief) |
24% / 24% |
|
| Rates for personal representatives (for gains on carried interest) |
32% / 32% |
|
|
Temporary Repatriation Facility
|
|
|
| Rate of designated foreign income and gains (FIG) |
12% |
|
|
Individual Savings Accounts (ISAs)
|
|
|
| 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 |
|
