Current Income Tax rates
For more detailed information visit the HMRC Website
| RATES | 2020/21 | 2021/22 | 2022/23 |
|---|---|---|---|
| Basic rate of 20% on income up to… | £37,500 | £37,700 | £37,700 |
| Higher rate of 40% on income… | £37,501 to £150,000 | £37,701 to £150,000 | £37,700 to £150,000 |
| Additional rate of 45% on income | £150,000 | £150,000 | £150,000 |
| Starting rate of 0% for savings up to | £5,000 | £5,000 | £5,000 |
| Dividends: basic rate taxpayers | 7.5% | 7.5% | 8.75% |
| Higher rate taxpayers | 32.5% | 32.5% | 33.75% |
| Additional rate taxpayers | 38.1% | 38.1% | 39.35% |
| Trust rate | 45% | 45% | 45% |
| Trust rate on first £1,000 (Dividend) | 20% (7.5%) | 20% (7.5%) | 20% (8.75%) |
| Trust rate on dividends | 38.1% | 38.1% | 39.35% |
| PERSONAL ALLOWANCES | 2020/21 | 2021/22 | 2022/23 |
|---|---|---|---|
| Personal allowance | £12,500 | £12,570 | £12,570 |
| Income limit for personal allowance | £100,000 | £100,000 | £100,000 |
| Married couple’s/civil partnership allowance | |||
| – Maximum amount | £9,075 | £9,125 | £9,415 |
| – Minimum amount | £3,510 | £3,530 | £3,640 |
| Income limit for married couples/civil partnership allowance | £30,200 | £30,200 | TBA |
| Marriage allowance | £1,250 | £1,257 | £1,257 |
| Blind person’s allowance | £2,500 | £2,520 | £2,600 |
| Trading allowance | £1,000 | £1,000 | £1,000 |
| Property allowance | £1,000 | £1,000 | £1,000 |
| SAVINGS AND INVESTMENTS | 2020/21 | 2021/22 | 2022/23 |
|---|---|---|---|
| Dividend allowance | £2,000 | £2,000 | £2,000 |
| Personal savings allowance | |||
| – basic rate taxpayers | £1,000 | £1,000 | £1,000 |
| – higher rate taxpayers | £500 | £500 | £500 |
| – additional rate taxpayers | £nil | £nil | £nil |