25-26 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 25-26 tax year and 2 previous tax years.

A summary of the changes from 24-25:

• Class 1 NIC Lower earnings Limit (LEL), the earnings point at which statutory benefits are accrued up from £6,396 to £6,500

  
  

• Class 1 NIC Secondary Threshold (ST), the earnings point at which employers NI on an employee's salary are charged, down from £9,100 to £5,000. Employers NI rate up from 13.8% to 15%.

  
  

• Employers allowance, the amount of employers NI reimbursed to smaller employers, up from £5,000 to £10,500.

• Class 3 NIC rate - volountary contributions to top an individuals NI record, increased from £907.40 to £923 per year.

• Main rates of National Minimum Wage up from £11.44 to £12.21 per hour. All other rates increased.

  
  

• Child benefit up to £26.05 (from £25.60) for the eldest or only child and £17.25 (from £16.95) for all other children

  
  

• Capital gains tax (CGT) rate increase from 10% to 18% for basic rate taxpayers, and from 20% to 24% for higher rate taxpayers

  
  

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

  
  

• Student loan repayment thresholds up to £26,065 (Plan 1) and £28,470 (Plan 2)

  
  

• 2% rate of stamp duty reintroduced for the second £125,000 of a property purchase price

  
  

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

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