Income Tax Rates and bands (other than savings and dividend income) 2024/25 2023/24 Band £ Rate % Band £
Rate %
0 - 37,700
20 0 - 37,700
20 40
37,701 - 125,140
40 37,701 - 125,140
Over 125,140 45 Income tax rates in Scotland and Wales on income other than savings and dividend income have been devolved. Savings income 2024/25 and 2023/24 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 2024/25 2023/24 Dividend allowance £500 £1,000 Dividend ordinary rate 8.75% 8.75% Dividend upper rate 33.75% 33.75% Dividend additional rate 39.35% 39.35% Income Tax Reliefs 2024/25 2023/24 Personal allowance £12,570 £12,570 Personal allowance income limit £100,000 £100,000 Marriage allowance £1,260 £1,260 Married couple’s allowance £11,080 £10,375 - minimum amount £4,280 £4,010 - income limit £37,000 £34,600 Blind person’s allowance £3,070 £2,870 Inheritance Tax Death rate Lifetime rate 45 Over 125,140 Chargeable transfers 2024/25 and 2023/24
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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