Income tax rates and allowances
|Personal allowance for people born after 5 April 1948||£12,570||£12,570|
|Income limit for personal allowance (1)||£100,000||£100,000|
Personal Savings Allowance:
Basic rate taxpayer
Higher rate taxpayer
Additional rate taxpayer
|Dividend allowance at 0%||£2000||£2000|
|Transferable tax allowance for married couples and civil partners||£1260||£1260|
|Rent-A Room limit||£7500||£7500|
CAPITAL GAINS TAX
2022-23 (per person) First £12,300 – exempt Tax at 10/20% (see notes 1 & 2)
- CGT at lower rate where total taxable gains and income are less than the
upper limit of income tax basic rate.
- 8% surcharge for carried interest and gains on residential property, excluding main residence.
- The Personal Allowance reduces where the income is above £100,000 – by £1 for every £2 of income above the £100,000 limit. This reduction applies irrespective of age or date of birth.
- Available to spouses/civil partners born after 5 April 1935. This allowance is 10% of the personal allowance for those born after 5 April 1938. It allows a spouse or civil partner who is not liable to income tax above the basic rate, to transfer this amount of their personal allowance to their spouse/civil partner. The recipient must not be liable to tax above the basic rate. The recipient is eligible to a tax reduction of 20% of the transferred amount. More information can be found here; https://www.gov.uk/marriage-allowance.
Income Tax Allowances in England/Wales/Ireland
Income Tax Allowances for tax year 2022/23
Up to £12,570
|Higher Rate||£37,701 to £150,000||40%|
|Additional Rate||over £150,000||45%|
Income Tax Allowances in Scotland
Income Tax Allowances for Scottish tax year 2022/23
Scottish Tax Rate
Up to £12,570
£43,663 to £150,000