Personal Taxation

Here is a quick overview for you to view personal taxation for 2024-5 compared with 2023-4.

Main personal allowances and reliefs2024/252023/24
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
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 bands2024/252023/24
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 taxpayers8.75%8.75%
                                                higher rate taxpayers33.75%33.75%
                                                additional rate taxpayers39.35%39.35%

** Not available if taxable non-savings income exceeds the starting rate band.

Scottish taxpayers’ non-dividend, non-savings income2024/252023/24
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£125,140N/A
48% (47% for 23/24) top rate on income over£125,140£125,140
Income exemption generally£500N/A
Standard rate band generallyN/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.