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  • Writer's pictureJames Kingston

24-25 Tax Rates, Thresholds & Benefits



Attached is a schedule of UK tax rates, the thresholds at which they are applied, plus key benefits available to us as individuals and business owners for the 24-25 tax year and 2 previous tax years.


A summary of the changes from 23-24:


  • Class 1 NIC down from 12% to 8% for employees and 9% to 6% for self employed individuals

  • Class 2 NICs abolished (formerly £179.40)

  • National Minimum Wage up from £10.42 to £11.44 per hour

  • New tax free 'British' ISA allowance of £5,000 available when used for investment in UK Equities

  • Dividend tax free allowance down from £1,000 to £500

  • Child benefit up to £25.60 (from £24) for the eldest or only child and £16.95 (from £15.90) for all other children

  • Child benefit family limit (the point at which child benefit is clawed back) up from £50,000 to £60,000

  • Child benefit upper family limit (the point at which all child benefit is clawed back) up from £60,000 to £80,000

  • Capital gains tax (CGT) free allowance down from £6,000 to £3,000

  • Higher rate of CGT for residential property down to 24% from 28%

  • Student loan repayment thresholds up to £24,990 (Plan 1) and £27,295 (Plan 2)


All other rates, allowances and benefits remain the same from 23-24


Any problems viewing or downloading the attachment, please let me know.



24-25 Rates and allowances
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