Essential tax rates and thresholds for 2024/2025

Essential tax rates and thresholds for 2024/2025

Please find below a guide to the main tax rates and allowances updated in the Spring Budget, showing the main changes that will come in from 6 April 2024. 

Tax rates for dividend income

Dividends within2024/252023/24
Basic rate band8.75%8.75%
Dividend allowance£500£1,000
Higher rate band33.75%33.75%
Dividend allowance£500£1,000
Additional rate band39.35%39.35%
Dividend allowance£500£1,000

Personal allowances and reliefs

Personal allowances and reliefs2024/25
£
2023/24
£
Personal allowance12,57012,570
Income limit for personal allowance100,000100,000
Allowances for couples:  
Marriage Allowance1,2601,260
Married couples: minimum (born before 6 April 1935)4,2804,010
Married couples: maximum (born before 6 April 1935)11,08010,375
Income limit for married couples’ allowance, born before 6 April193537,00034,600
Blind person’s allowance3,0702,870
Rent-a-room relief7,5007,500
Trading income allowance1,0001,000
Property income allowance1,0001,000
Savings allowance – basic tax band1,0001,000
Savings allowance – higher tax band500500

Pension allowances

Tax year:2024/25
£
2023/24
£
Annual Allowance (AA)60,00060,000
Lifetime AllowanceAbolishedAbolished

Corporation tax rates

Year from 1 April20242023
Main rate25%25%
Small Profits Rate19%19%
Small Profits Rate where profits don’t exceed:£50,000£50,000
Marginal Relief Lower Limit£50,000£50,000
Marginal Relief Upper Limit£250,000£250,000
Standard fraction3/2003/200

CGT rates and annual exemptions 

Tax YearAnnual exempt amountTax rate paid by individuals within:
 Individuals, personal representatives (PRs) and trusts for disabledGeneral trustsBasic rate bandHigher tax bands
 ££%%
2024/253,0001,5001020
Residential Property  1824
Carried interest  1828
2023/246,0003,0001020
Residential property &carried interest  1828

VAT registration and deregistration limits

Effective dateRegistration turnover £Registration exception: turnover not exceeding £ Deregistration turnover £
1 April 202490,00088,00088,000
1 April 2017 to 31 March 202485,00083,00083,000

High income child benefit charge (HICBC)

Period child benefit receivedLower income threshold £ Upper income threshold £
From 6 April 202460,00080,000
From 7 January 2013 to 5 April 202450,00060,000

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