Tax tables
6 November 2024
Key points
- Quick reference guide for essential tax rates, thresholds and allowances
- Provided for information only - further professional advice may be needed for individual circumstances
Jump to the following sections of this guide:
- Income Tax rates for individuals
- Income Tax rates for trusts
- Income Tax allowances and reliefs
- Capital Gains Tax rates for individuals
- Capital Gains Tax rates for trusts
- Inheritance Tax rates
- National Insurance rates & contributions
- Corporation Tax rates
- Registered Pension Schemes
- Individual Savings Accounts (ISA) limits
- State Pension
- Important tax dates
Income Tax rates for individuals
UK rates - on taxable income above any personal allowance
| Over £125,140 | 45 | Over £125,140 | 45 |
| 2023/24 | 2024/25 | ||
| Bands of taxable income | % | Bands of taxable income | % |
| (£1 - £5,000) * | 0 | (£1 - £5,000) * | 0 |
| £1 - £37,700 | 20 | £1 - £37,700 ** | 20 |
| £37,701 - £125,140 | 40 | £37,701 - £125,140 | 40 |
* There's a starting rate band taxed at 0% which applies to savings income up to a maximum of £5,000. The £5,000 band reduces by £1 for every £1 of non-savings income over the personal allowance of £12,570. If an individual's taxable non-savings income is over £17,570, the 0% starting rate for savings won't apply.
** The basic rate band will be frozen at £37,700 until April 2028.
Dividend income is taxed at 8.75% (income up to the basic rate), 33.75% (higher rate) and 39.35% (additional rate). Every individual has a dividend allowance of £500 (2024/25), £1,000 (2023/24). Dividends within the allowance are taxed at 0%.
Scottish resident taxpayers – non-savings income
Rates on taxable income above any personal allowance
| Over £125,140 | 47 | £62,431 - £125,140 | 45 |
| Over £125,140 | 48 | ||
|
2023/24 |
2024/25 | ||
| Bands of taxable income | % | Bands of taxable income | % |
| £1 - £2,161 | 19 | £1 - £2,306 | 19 |
| £2,162 - £13,118 | 20 | £2,307 - £13,991 | 20 |
| £13,119 - £31,092 | 21 | £13,992 - £31,092 | 21 |
| £31,093 - £125,140 | 42 | £31,093 - £62,430 | 42 |
The Scottish rates and bands apply to non-savings income such as salary, pension and rental income. Savings and investment income continues to be taxed at the UK rates.
Income Tax rates for trusts
| Interest in Possession | * Discretionary | |||
| 2023/24 | 2024/25 | 2023/24 | 2024/25 | |
| Savings income | 20% | 20% | 45% | 45% |
| Rental income | 20% | 20% | 45% | 45% |
| Dividend income | 8.75% | 8.75% | 39.35% | 39.35% |
Trusts with income less than £500 will have no income tax to pay. If trust income exceeds £500, all income will be taxable (not just the excess over £500). The £500 is shared between all trusts created by the same settlor. The £1,000 basic rate band has been removed from 6 April 2024.
Income Tax allowances and reliefs
| Blind person's allowance | £2,870 | £3,070 |
| Allowance | 2023/24 | 2024/25 |
Personal allowance |
£12,570 * |
£12,570 * |
| Income limit for personal allowance |
£100,000 | £100,000 |
|
(Allowance reduced by £1 for every £2 of "adjusted net income" above £100,000. No personal allowance after £125,140. |
||
| Personal Savings Allowance |
||
| - basic rate tax payers | £1,000 | £1,000 |
| - higher rate tax payers | £500 | £500 |
| - additional rate taxpayers |
Nil | Nil |
| Dividend allowance |
£1,000 | £500 |
| Married couple's allowance (relief at 10% of allowance for married couples and civil partners where at least one is born before 6 April 1935) |
||
| - maximum allowance | £10,375 | £11,080 |
| - minimum allowance |
£4,010 | £4,280 |
| (Allowance is reduced by £1 for every £2 of "adjusted net income " above the income limit until it reaches the minimum amount. Any reduction in the married couple's allowance applies after any reduction to the individual's personal allowance). |
||
| Income limit for Married couple's allowance |
£34,600 | £37,000 |
|
Marriage allowance (Transferable unused personal allowance for married couples and civil partners born after 5 April 1935) |
£1,260 | £1,260 |
| Venture Capital Trust (relief at 30%) | £200,000 | £200,000 |
| Enterprise Investment Scheme (relief at 30%) | £2M* | £2M* |
| Seed Enterprise Investment Scheme (relief at 50%) | £100,000 | £200,000 |
*Any investment over £1million must be invested in knowledge-intensive companies.
Capital Gains Tax rates for individuals
|
Over £6,000 |
10% & 20% / 18% & 28% |
Over £3,000 |
10% & 20% */ 18% & 24% From 30/10/24, 18% & 24% |
| 2023/24 | 2024/25 | ||
| Gains | Rate% | Gains | Rate% |
| Up to £6,000 |
Nil |
Up to £3,000 |
Nil |
For gains before 30 October 2024, a rate of 20% / 24% is payable by individuals with capital gains in excess of their annual exemption which, when added to their income, exceed the income tax basic rate threshold of £37,700. If income and capital gains did'nt exceed the threshold, the rate of 10% / 18% applied, and gains straddling the threshold paid 10% / 18% on the amount of gain below the threshold and 20% / 24% above it.
From 30 October 2024 the rates increased to 18% for gains in basic rate threshold and 24% for gains over this threshold on all disposals. * Before this date the rates of 18% or 24% only applied to gains on residential property that are ineligible for Private Residence Relief.
Entrepreneurs' relief (aka business asset disposal relief) is available for qualifying business disposals.
Capital Gains Tax rates for trusts
| Over £3,000 | 20% / 28% | Over £1,500 |
20% / 24%* 24% gains after 30/10/24 |
| 2023/24 | 2024/25 | ||
| Gains | Rate % | Gains | Rate % |
| Up to £3,000 |
Nil |
Up to £1,500 |
Nil |
The annual exemption is shared between all trusts created by the same settlor, subject to a minimum per trust of £300.
* Trusts will continue to pay 24% on gains on residential property that do not receive principal private residence relief.
Gains arising on bare trusts are not taxable upon the trustees but instead are taxed upon the beneficiary and the rules for individuals will apply.
Inheritance Tax rates
| 40%** | 20% | Over £325,000 | Over £325,000 |
| Residential Nil Rate Band *** | £175,000 | £175,000 | |
| Death Rate | Lifetime Rate | Chargeable Transfers 2023/24 |
Chargeable Transfers 2024/25 |
| Nil | Nil | £0 - £325,000 * | £0 - £325,000 * |
* The Nil Rate Band and Residence Nil Rate Band will be fixed at £325,000 and £175,000 until April 2030.
** Reduced to 36% where at least 10% of the net estate is left to charity.
*** Net estates over £2,000,000 have RNRB reduced by £1 for every £2 and lost when estate is £2,350,000.
| 6-7 | 20 |
| Rates of charge on certain gifts within seven years of death | |
| Years between gift and death | % of death rate charge |
| 0-3 | 100 |
| 3-4 | 80 |
| 4-5 | 60 |
| 5-6 | 40 |
Exemptions
The following are the main exemptions which are available in certain circumstances:
- Gifts to spouses/civil partners (limited if transferor is UK domiciled and spouse is non-UK domiciled).
- Annual allowance of £3,000 per tax year.
- Small gifts up to £250 per tax year to individuals.
- Normal expenditure out of income.
- Gifts in consideration of marriage/civil partnership (£5,000 by a parent, £2,500 by a party to the marriage/civil partnership, or remoter relative, or £1,000 by any other person).
- Gifts to UK charities.
Not all the above exemptions may be available at the same time.
National Insurance rates & contributions
| Employer rate (on earnings above secondary earnings threshold) Employer contributions on earnings above the UEL are assessed at the same rate. |
13.8% | 13.8% |
| Class 1 (Employment) | 2023/24 | 2024/25 |
| Lower earnings limit (LEL) | £123 (weekly) / £6,396 (yearly) | £123 (weekly) / £6,396 (yearly) |
| Upper earnings limit (UEL) | £967 (weekly) / £50,270 (yearly) | £967 (weekly) / £50,270 (yearly) |
| Primary earnings threshold | £242 (weekly) / £12,570 (yearly)* | £242 (weekly) / £12,570 (yearly) |
| Secondary earnings threshold | £175 (weekly) / £9,100 (yearly) | £175 (weekly) / £9,100 (yearly) |
| Employee contribution rates |
||
| Employee rate (on earnings between primary earnings threshold and UEL) | 12% (April - January) 10% (January to April) |
8% |
| Reduced rate for married women and widows |
5.85% (April - January) 3.85% (January to April) |
3.85% |
| Earnings above UEL (including that for married women and widows) |
2% | 2% |
| Employer contribution rates |
||
| Profits over the upper profits limit | 2% | 2% |
| Self-employment | 2023/24 | 2024/25 |
| Small profits threshold | £6,725 | £6,725 |
| Lower profits limit | £12,570 | £12,570 |
| Upper profits limit | £50,270 | £50,270 |
| Class 2 |
£3.45 |
£3.45 |
| Class 3 (Voluntary) |
£17.45 | £17.45 |
| Class 4 (additional levy) | ||
| Profits between the lower profits limit and the upper profits limit | 9% |
6% |
Individuals normally don't pay NI beyond State Pension age, but employer contributions continue.
Corporation Tax rates
| Unified rate on all profits | 25% | 25% |
| Rate | Financial year 2023/24 |
Financial year 2024/25 |
The main rate is 25%.
There is a small profits rate of 19% for companies with profits of £50,000 or less.
The rate for companies with profits between £50,000 and £250,000 will gradually increase from 19% to 25%.
Registered Pension Schemes
Lifetime allowance (LTA)
The standard LTA for 2023/24 was £1,073,100 but there will be no LTA tax charge for benefits taken in excess of this amount.
Annual allowance
| Standard annual allowance | £60,000 | £60,000 |
| 2023/24 | 2024/25 |
However, some individuals with 'adjusted income' above £260,000 will have their annual allowance reduced by £1 for every £2 over that level in the tax year, until their annual allowance drops to £10,000.
Unused annual allowance in respect of the previous three tax years can be carried forward in some circumstances.
Individuals who have flexibly accessed pension benefits are subject to a money purchase annual allowance (MPAA) of £10,000 and no money purchase carry forward.
The annual allowance charge is a variable charge of up to 45% (48% for Scottish residents) on the amount of total pension input in excess of the annual allowance.
Contributions
- Member - unlimited. Tax relief limited to the higher of £3,600 or 100% of relevant UK earnings.
- Employer - unlimited. Normally tax relief is claimable, but the employer's local inspector of taxes decides to what extent it will be given.
Individual Savings Accounts (ISA) limits
| LISA (age 18-40) | £4,000 * | £4,000 * |
| Maximum contribution | 2023/24 | 2024/25 |
| ISA | £20,000 | £20,000 |
| Junior ISA | £9,000 | £9,000 |
* Contributions by an individual to a LISA are included within the overall maximum ISA contribution of £20,000.
State Pension
| Savings element | up to £17.84 | up to £19.04 |
|
2023/24 (per week) |
2024/25 (per week)
|
|
| Basic State Pension (SPA* before 6 April 2016) | ||
| Single person | £156.20 | £169.50 |
| Married couples/civil partners |
£249.80 | £271.05 |
| New State Pension (SPA* after 5 April 2016) |
£203.85 | £221.20 |
| State Pension Credit (single person) | ||
| Guaranteed element | £201.05 | £218.15 |
| Savings element |
up to £15.94 | up to £17.01 |
| State Pension Credit (married couple and civil partners) | ||
| Guaranteed element | £306.85 | £332.95 |
* SPA = State Pension Age.
Important tax dates
Income Tax
| Tax returns | 31 January after the end of the tax year for online returns. 31 October after the end of the tax year for paper tax returns. If the individual receives the tax return after 31 July, the deadline is three months following the date of issue of the notice. 30 December after the end of the tax year for an online return if HMRC to collect tax through PAYE tax code (where possible) if the amount of tax owed is less than £3,000 |
| Payments on account | 31 January during the tax year, and 31 July following the end of the tax year. Normally each of these will be half* of the tax due for the previous tax year. * If you know that your income for the current year will be lower than the previous year's income, you can ask HMRC to reduce your payments on account. But if HMRC later find that extra tax was due, you'll have to pay interest on it. You may also have to pay a penalty if you've asked HMRC to reduce the payments without taking proper care. |
| Balancing Payment | 31 January following the end of the tax year. |
| Employee P11d | 6 July after the end of the tax year. |
Capital Gains Tax
31 January (online returns) or 31 October (paper returns) following the end of the tax year in which the gain has arisen.
From 27 October 2021, CGT on a sale or disposal of residential property is reported (online) and tax paid within 60 days of the transaction. Disposals between 6 April 2020 and 26 October 2021 had to be reported within 30 days of the transaction.
Corporation Tax
Stand alone companies with taxable profit up to £1.5M - nine months and one day after the end of the accounting period (AP).
Companies with taxable profits over £1.5M ** - will pay Corporation Tax in four equal quarterly instalments starting between the sixth and seventh month of the AP and based on estimated liabilities.
** Excludes companies whose profits in the immediately preceding period were less than £1.5M and in the current period less than £10M.
Inheritance Tax
| Lifetime Transfer | Normally six months after the end of the month in which the transfer is made. |
| Death | Normally six months after the end of the month in which death occurred. |
Issued by a member of abrdn group, which comprises abrdn plc and its subsidiaries.
Any links to websites, other than those belonging to the abrdn group, are provided for general information purposes only. We accept no responsibility for the content of these websites, nor do we guarantee their availability.
Any reference to legislation and tax is based on abrdn’s understanding of United Kingdom law and HM Revenue & Customs practice at the date of production. These may be subject to change in the future. Tax rates and reliefs may be altered. The value of tax reliefs to the investor depends on their financial circumstances. No guarantees are given regarding the effectiveness of any arrangements entered into on the basis of these comments.
This website describes products and services provided by subsidiaries of abrdn group.
Full product and service provider details are described on the legal information.
abrdn plc is registered in Scotland (SC286832) at 1 George Street, Edinburgh, EH2 2LL
Standard Life Savings Limited is registered in Scotland (SC180203) at 1 George Street, Edinburgh, EH2 2LL.
Standard Life Savings Limited is authorised and regulated by the Financial Conduct Authority.
© 2024 abrdn plc. All rights reserved.