SummaryTaxData(22-23)
Summary of Tax Data
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Income Tax
2022-23 2021-22
TAX RATES AND BANDS†
Basic rate 20% 20%
Higher rate 40% 40%
Additional rate 45% 45%
Basic rate limit‡ £37,700 £37,700
Higher rate limit £150,000 £150,000
† Different tax rates and bands apply to the non-savings income of Scottish taxpayers (see below)
‡ Basic rate limit frozen at £37,700 until the end of tax year 2025-26
Starting rate for savings 0% 0%
Starting rate limit for savings £5,000 £5,000
Personal savings allowance (basic rate taxpayer) £1,000 £1,000
Personal savings allowance (higher rate taxpayer) £500 £500
Dividend ordinary rate 8.75% 7.5%
Dividend upper rate 33.75% 32.5%
Dividend additional rate 39.35% 38.1%
Dividend allowance £2,000 £2,000
SCOTTISH TAX RATES AND BANDS†
Starter rate 19% 19%
Basic rate 20% 20%
Intermediate rate 21% 21%
Higher rate 41% 41%
Top rate 46% 46%
Starter rate limit £2,162 £2,097
Basic rate limit £13,118 £12,726
Intermediate rate limit £31,092 £31,092
Higher rate limit £150,000 £150,000
† These tax rates and bands apply only to the non-savings income of Scottish taxpayers
Summary o f Tax Da ta
PERSONAL ALLOWANCES
2022-23 2021-22
Personal allowance† £12,570 £12,570
Marriage allowance £1,260 £1,260
Blind person’s allowance £2,600 £2,520
Married couple’s allowance:
Born before 6 April 1935 £9,415 £9,125
Minimum amount £3,640 £3,530
Income limit for basic personal allowance £100,000 £100,000
Income limit for married couple’s allowance £31,400 £30,400
† Personal allowance frozen at £12,570 until the end of tax year 2025-26
CAR AND FUEL BENEFIT
Zero emissions 2% 1%
*1-50 g/km (depending upon electric range) 2%-14% 2%-14%
*51g/km to 54g/km 15% 15%
*55g/km to 59g/km 16% 16%
*60g/km to 64g/km 17% 17%
*65g/km to 69g/km 18% 18%
*70g/km to 74g/km 19% 19%
*75g/km 20% 20%
Each additional 5g/km +1% +1%
Maximum charge 37% 37%
Amount used in car fuel benefit calculation £25,300 £24,600
* These percentages were 1% lower in 2021-22 if the car was registered on or after 6 April 2020
CAPITAL ALLOWANCES
Writing Down Allowance (WDA)
Main pool of plant and machinery 18% 18%
Special rate pool of plant and machinery 6% 6%
Annual Investment Allowance (AIA) 100% 100%
AIA annual limit from 1 January 2016† £200,000 £200,000
First Year Allowances (FYAs) 100% 100%
Structures and Buildings Allowances (SBAs) 3% 3%
† AIA annual limit temporarily raised to £1m between 1 January 2019 and 31 March 2023
PENSION SCHEMES
Annual allowance £40,000 £40,000
Lifetime allowance† £1,073,100 £1,073,100
† Lifetime allowance frozen at £1,073,100 until the end of tax year 2025-26
Summary o f Tax Da ta
National Insurance Contributions
2022-23 2021-22
Lower earnings limit (weekly) £123 £120
Primary threshold (weekly) (£190 until 6 July 2022) £242 £184
Upper earnings limit (weekly) £967 £967
Secondary threshold (weekly) £175 £170
Upper secondary threshold (weekly) £967 £967
Employee contributions
Rate on earnings between primary threshold and UEL 13.25% 12%
Rate on earnings beyond UEL 3.25% 2%
Employer contributions
Rate on earnings beyond secondary threshold 15.05% 13.8%
Employment allowance £5,000 £4,000
Rate 15.05% 13.8%
Weekly contribution £3.15 £3.05
Small profits threshold £6,725 £6,515
Weekly contribution £15.85 £15.40
Lower profits limit £11,908 £9,568
Upper profits limit £50,270 £50,270
Rate on profits between lower and upper limit 10.25% 9%
Rate on profits beyond upper limit 3.25% 2%
Capital Gains Tax
2022-23 2021-22
Standard rate† 10% 10%
Higher rate† 20% 20%
Business asset disposal relief rate 10% 10%
Business asset disposal relief lifetime limit £1,000,000 £1,000,000
Annual exempt amount‡ £12,300 £12,300
† Taxable gains on the disposal of residential property are taxed at 18% and 28%
‡ Annual exempt amount frozen at £12,300 until the end of tax year 2025-26
Summary o f Tax Da ta
Corporation Tax
Financial Year FY2022 FY2021 FY2020 FY2019 FY2018
Main rate† 19% 19% 19% 19% 19%
Patent box (effective rate) 10% 10% 10% 10% 10%
R&D SMEs payable credit 14.5% 14.5% 14.5% 14.5% 14.5%
R&D expenditure credit 13% 13% 13% 12% 12%
† The main rate for FY2023 will be 25%. However, a “small profits rate” of 19% will apply to
companies with profits not exceeding £50,000. Companies with profits between £50,000 and
£250,000 will be subject to the main rate, but reduced by a marginal relief.
Inheritance Tax
Date of transfer Nil rate Rate on life- Rate Lower
band†‡ time transfers on death rate
6 April 2006 to 5 April 2007 0 – £285,000 20% 40% –
6 April 2007 to 5 April 2008 0 – £300,000 20% 40% –
6 April 2008 to 5 April 2009 0 – £312,000 20% 40% –
6 April 2009 to 5 April 2012 0 – £325,000 20% 40% –
6 April 2012 to 5 April 2023 0 – £325,000 20% 40% 36%
† Residence nil rate band for 2022-23 is £175,000
‡ Nil rate band and residence nil rate band both frozen until the end of tax year 2025-26
Value Added Tax
Standard rate 20% (from 4 January 2011)
Reduced rate 5%
Registration threshold† £85,000 (from 1 April 2017)
Deregistration threshold† £83,000 (from 1 April 2017)
† Thresholds frozen until April 2024
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