| Income Tax allowances | 2022-23 | 2021-22 |
|---|---|---|
| Personal Allowance | £12,570 | £12,570 |
| Personal reduced by £1 for every £2 of net income over | £100,000 | £100,000 |
| Transferable tax allowance for married couples/civil partners | £1,250 | £1,250 |
| Blind Person's Allowance | £2,520 | £2,520 |
| Married couples/civil partner at 10% - minimum (1) | £3,530 | £3,530 |
| Married couples/civil partner at 10% - maximum (1,2) | £9,125 | £9,125 |
| Rent-a-room tax-free income | £7,500 | £7,500 |
| 2022-23 | 2021-22 | |
|---|---|---|
| Basic rate of 20% on taxable income up to: | £37,700 | £37,700 |
| Higher rate of 40% on taxable income over: | £37,700 | £37,700 |
| Additional rate of 45% on taxable income over: | £150,000 | £150,000 |
| Year | Personal Allowance | Higher Rate Tax Band |
|---|---|---|
| 2022-2023 | £12,570 | £37,700 (+£12,570 = £50,270) |
| 2021-2022 | £12,570 | £37,500 (+£12,570 = £50,270) |
| 2022-23 | 2021-22 | |
|---|---|---|
| Savings rates Starting rate at 0% on savings income up to Reduced by £1 for every £1 of income above Personal Allowance |
£5,000 | £5,000 |
| Personal Savings Allowance at 0% tax on interest received Depends on income tax band of other income. |
||
| Basic rate taxpayers | £1,000 | £1,000 |
| Higher rate taxpayers | £500 | £500 |
| Additional rate taxpayers | £0 | £0 |
| Dividend allowance at 0% tax - all individuals Tax rate on dividend income in excess of allowance: |
£2,000 | £2,000 |
| Tax rate on dividend income: | ||
| Basic rate taxpayers | 8.5% | 7.5% |
| Higher rate taxpayers | 33.75% | 32.5% |
| Additional rate taxpayers | 39.35% | 38.1% |
| Not including Residential property | 2022-23 | 2021-22 |
|---|---|---|
| Tax Rate (tax payers below higher rate) | 10% | 10% |
| Tax Rate (within UK higher and additional tax rate) | 20% | 20% |
| Annual Exemption Amount (Individuals) | £12,300 | £12,300 |
| Annual Exemption Amount (Other Trustees) | £6,150 | £6,150 |