Here is a quick overview for you to view personal taxation for 2024-5 compared with 2023-4.
| Main personal allowances and reliefs | 2024/25 | 2023/24 |
| Personal allowance* | £12,570 | £12,570 |
| Marriage/civil partners’ transferable allowance | £1,260 | £1,260 |
| Married couple’s/civil partners’ allowance at 10%† – maximum (if at least one born before 6/4/35) – minimum | £11,080 | £10,375 |
| £4,280 | £4,010 | |
| Blind person’s allowance | £3,070 | £2,870 |
| Rent-a-room relief | £7,500 | £7,500 |
| Property allowance and trading allowance (each) | £1,000 | £1,000 |
* Personal allowance reduced by £1 for every £2 of adjusted net income over £100,000.
† Reduced by £1 for every £2 of adjusted net income over £37,000 (£34,600 for 2023/24), until the minimum is reached.
| Income tax rates and bands | 2024/25 | 2023/24 |
| UK taxpayers excluding Scottish taxpayers’ non-dividend, non-savings income | ||
| 20% basic rate on taxable income up to | £37,700 | £37,700 |
| 40% higher rate on next slice over | £37,700 | £37,700 |
| 45% additional rate on income over | £125,140 | £125,140 |
| All UK taxpayers | ||
| Starting rate at 0% on band of savings income up to** | £5,000 | £5,000 |
| Personal savings allowance at 0%: basic rate taxpayers higher rate taxpayers additional rate taxpayers | £1,000 £500 £0 | £1,000 £500 £0 |
| Dividend allowance at 0% – all individuals | £500 | £1,000 |
| Tax rates on dividend income: basic rate taxpayers | 8.75% | 8.75% |
| higher rate taxpayers | 33.75% | 33.75% |
| additional rate taxpayers | 39.35% | 39.35% |
** Not available if taxable non-savings income exceeds the starting rate band.
| Scottish taxpayers’ non-dividend, non-savings income | 2024/25 | 2023/24 |
| 19% starter rate on taxable income up to | £2,306 | £2,162 |
| 20% basic rate on next slice up to | £13,991 | £13,118 |
| 21% intermediate rate on next slice up to | £31,092 | £31,092 |
| 42% higher rate on next slice up to | £62,430 | £125,140 |
| 45% advanced rate on next slice up to | £125,140 | N/A |
| 48% (47% for 23/24) top rate on income over | £125,140 | £125,140 |
| Trusts | 2024/25 | 2023/24 |
| Income exemption generally | £500 | N/A |
| Standard rate band generally | N/A | £1,000 |
| Dividends (rate applicable to trusts) | 39.35% | 39.35% |
| Other income (rate applicable to trusts) | 45% | 45% |
| High income child benefit charge: 1% of benefit per £200 (£100 in 2023/24) of adjusted net income of £60,000 – £80,000 (£50,000 – £60,000 2023/24). |
Keep an eye out for our new 2024- 2025 tax tables booklet – coming soon.