Stephen J. Dann
~ ITPA ~
UK Tax Advisor
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| Personal Income Tax | 2023/24 | 2024/25 |
| Personal Allowance | £ 12,570 | £ 12,570 |
| Personal Allowance income limit | £ 100,000 | £ 100,000 | Savings Starting Rate | £ 5,000 | £ 5,000 | Dividend Allowance | £ 1,000 | £ 500 |
| Annual Pension Allowance | £ 60,000 | £ 60,000 |
| Basic Rate | 20% - up to £50,270 | 20% - up to £50,270 |
| Higher Rate tax (tier 1) | 40% £ 50,271 - 125,140 | 40% £ 50,271 - 125,140 |
| Higher Rate tax (tier 2) | 45% above £ 125,140 | 45% above £ 125,140 |
| National Insurance Contributions | 2023/24 | 2024/25 |
| Employee Rate | 10% up to £967 (2% above this level) | 8% up to £967 (2% above this level) |
| Lower Earnings Limit | £ 123 pw | £ 123 pw | Earnings threshold (PT) | £ 242 pw | £ 242 pw | Employer Rate above PT | 13.8% | 13.8% | Class 2 (expatriates) | £ 3.45 pw | £ 3.45 pw |
| More detailed information from HMRC |
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