National Insurance 2022/23 Class 1 (employed) rates Employee
Employer
Earnings per week
% Earnings per week
% Nil
Up to £190*
Nil
Up to £175
£190.01* - £967
13.25 Over £175
15.05
Over £967 3.25 Entitlement to contribution-based benefits for employees retained for earnings between £123 and £190* per week. The employer rate is 0% for certain military veterans, employees under 21 and apprentices under 25 on earnings up to £967 per week. (*£242 from 6 July 2022.) Class 1A (employers) 15.05% on employee taxable benefits Class 1B (employers) 15.05% on PAYE Settlement Agreements Class 2 (self-employed) nil on profits between £6,725 and £11,908 plus £3.15 per week where profits over £11,908 Class 3 (voluntary) flat rate per week £15.85 Class 4 (self-employed) 10.25% on profits between £11,908 and £50,270 plus 3.25% on profits over £50,270 Capital Gains Tax Individuals 2022/23 2021/22 Exemption £12,300 £12,300 Standard rate 10% 10% Higher/additional rate 20% 20% Trusts Exemption £6,150 £6,150 Rate 20% 20% Higher rates (18/28%) may apply to the disposal of certain residential property and carried interest. Business Asset Disposal Relief The first £1m of qualifying gains are charged at 10%. Inheritance Tax Death rate Lifetime rate
Chargeable transfers 2022/23 and 2021/22
Nil
Nil
0 - £325,000 (nil rate band)
40% Over £325,000 A further nil rate band of £175,000 may be available in relation to current or former residences. 20%
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