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INCOME TAX RATES

Tax Rates

2022/23

2021/22

Income

Tax Rate

Income

Tax Rate

Starting Rate*

<     £ 5,000

10%

<     £ 5,000

10%

Basic Rate

<   £ 50,270

20%

<   £ 50,270

20%

Higher Rate

< £ 150,000

40%

< £ 150,000

40%

Additional Rate

> £ 150,000

45%

> £ 150,000

45%

Dividend Rate  

 

- 2021/22 – 0% on first £2,000: 7.5% Basic Rate: 32.5% Higher Rate: 38.1% Additional Rate

- 2022/23 – 0% on first £2,000: 7.5% Basic Rate: 32.5% Higher Rate: 38.1% Additional Rate

Allowances

2022/23

2021/22

Basic Allowance **

£ 12,570

£ 12,570

Transferrable Allowance ***

£ 1,260

£ 1,260

Personal Allowance Income Limit

£ 100,000

£ 100,000

*     Starting rate applies only to savings income

**   Personal Allowance reduced by £1 for every £2 of income over £100,000 [2021/22 - £100,000]

*** Transferrable allowance between married / civil partners

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Income Tax

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