14 Autumn Budget 2021
Income Tax Rates and bands (other than savings and dividend income) 2022/23 2021/22 Band £ Rate % Band £
Devolved Income Tax Scotland rates and bands - tbc for 2022/23 in Scottish Budget on 9 December 2021 2022/23 2021/22 Band £ Rate % Band £ Rate % 0 - xxx - 0 - 2,097 19 xxx - xxx - 2,098 - 12,726 20 xxx - xxx - 12,727 - 31,092 21 xxx - xxx - 31,093 - 150,000 41 Over xxx - Over 150,000 46 Wales rates and bands - tbc for 2022/23 in Welsh Budget on 20 December 2021 2022/23 2021/22 Band £ Rate % Band £ Rate % 0 - 37,700 - 0 - 37,700 20 37,701 - 150,000 - 37,701 - 150,000 40 Over 150,000 - Over 150,000 45 National Insurance 2022/23 Class 1 (employed) rates Employee Employer Earnings per week % Earnings per week % Up to £190 Nil Up to £175 Nil £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. Class 1A (employers) 15.05% on employee taxable benefits Class 1B (employers) 15.05% on PAYE Settlement Agreements Class 2 (self-employed) flat rate per week £3.15 small profits threshold £6,725 per annum Class 3 (voluntary) flat rate per week £15.85 Class 4 (self-employed) 10.25% on profits between £9,880 and £50,270 plus 3.25% on profits over £50,270 Inheritance Tax Death rate Lifetime rate
Rate %
0 - 37,700
20 0 - 37,700
20 40
37,701 - 150,000
40 37,701 - 150,000 45 Over 150,000
Over 150,000 45 Income tax rates in Scotland and Wales on income other than savings and dividend income have been devolved. Savings income 2022/23 and 2021/22 Savings allowance basic rate £1,000 Savings allowance higher rate £500 A starting rate of 0%may be available unless taxable non-savings income exceeds £5,000. Dividend income 2022/23 2021/22 Dividend allowance £2,000 £2,000 Dividend ordinary rate 8.75% 7.5% Dividend upper rate 33.75% 32.5% Dividend additional rate 39.35% 38.1% Income Tax Reliefs 2022/23 2021/22 Personal allowance £12,570 £12,570 Personal allowance income limit £100,000 £100,000 Marriage allowance £1,260 £1,260 Married couple’s allowance £9,415 £9,125 - minimum amount £3,640 £3,530 - income limit £31,400 £30,400 Blind person’s allowance £2,600 £2,520 Individual Savings Accounts 2022/23 2021/22 Overall investment limit £20,000 £20,000 Junior account investment limit £9,000 £9,000 Pensions 2022/23 2021/22 Lifetime Allowance limit £1,073,100 £1,073,100 Annual Allowance limit £40,000 £40,000 Money Purchase Annual Allowance £4,000 £4,000
Chargeable transfers 2022/23 and 2021/22
Corporation Tax
Nil
Nil
0 - £325,000 (nil rate band)
40% 20% Over £325,000 A further nil rate band of £175,000 may be available in relation to current or former residences.
Rate %
Rate %
Year to 31.3.23
19 Year to 31.3.22
19
Different rates apply for ring-fenced (broadly oil industry) profit.
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