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
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