Tax rates & allowances

Nothing is as certain as death and taxes. Yet while there is no doubt we’ll all be taxed, the rates can change rapidly. This section covers various UK taxes and allowances including corporation tax, income tax, capital gains tax, employer rates & thresholds, national insurance contributions, VAT, Stamp Duty Land Tax and more for the tax year 2023/24.

The Chancellor suggested in the Spring Budget statement 2023 that looking forward he would be focused on spending increases and economic growth to increase the size of the economy and the tax take going forward rather than further tax increases.

Personal tax rates and allowances are generally set for income tax years ending to 5 April. Corporate rates and allowances are set for financial years ending to 31 March.

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Income tax

Estimate your personal income tax liability using the current rates. Your tax-free standard Personal Allowance.

National insurance

NI contribution percentages for Class 1 (employed), Class 2 and 4 (self-employed) and Class 3 (voluntary).

Corporation tax

Rates and allowances for Corporation Tax. Companies pay corporation tax on their income and gains.

Capital gains tax (CGT)

Standard and higher rates of capital gains tax (CGT) together with the annual exemption (known as the Annual Exempt Amount).

Capital allowances

Plant and machinery allowances and the allowances available for other types of assets. Rates and pools.

Value added tax

The current Value added tax (VAT) percentages and the annual registration and deregistration thresholds.

Inheritance tax

Inheritance tax rates, allowances, reliefs and exemptions. Inheritance Tax is a tax on the deceased estate.

Minimum wage

National minimum wage and national living wage rates. Who is entitled to the minimum wage. Minimum wage calculator.

Statutory pay

List of statutory pay guides for employers and employees. Additional detailed guidance for employers.


Details of the amounts of tax relievable pension contributions for individuals and employers. Annual and lifetime allowances.


Calculate the taxable benefit using the relevant tables for employer provided cars, vans and related fuel.

Stamp Duty Land Tax

The current percentages of Stamp Duty Land Tax (SDLT) and the various UK property/land transaction taxes.

Individual Savings Account

The annual ISA investment limits and types of ISA (e.g. cash ISAs, stock & shares ISAs). Who can open an ISA.

Enterprise Investment Scheme

Claim Income Tax relief under the Enterprise Investment Scheme (EIS). Self Assessment helpsheet HS341.

Child benefit

Tax credits, Child Benefit and Guardian’s Allowance. Tax credits income thresholds and withdrawal rates.


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