Tax Card

Key Dates

Key dates in 2025/2026 for personal Self Assessment tax payers
31 January 2026	Deadline a taxpayer to submit online their 2024/2025 self assessment tax return. It is also the date by which they will be required to settle their 2024/2025 balancing payment and make the first payment on account in respect of 2025/2026.
1 April 2025	Residential SDLT (England & N.I) threshold reverts to £125,000 meaning 2% more stamp duty is payable on residential properties purchased below £250,000 after this date.
6 April 2025	The new NMW and national insurance changes apply that will increase both employee and employer contributions.
5 July 2025	The last date to agree a new PAYE Settlement Arrangement (PSA) for 2024/25.
6 July 2025	The date by which employers must submit their 2024-25 P11D (expenses) and P11D(b) (benefits-in-kind) to the HMRC and provide copies to employees.
31 July 2025	The date by which the second payment on account in respect of 2024/2025 must be paid. Taxpayers should consider electing to reduce POA's if last year's income has dropped.
5 October 2025	Deadline for notifying HMRC of new sources of income unless a 2024/2025 tax return has already been issued. Complete form CWF1 for self employment, form SA1 for non self-employed income, or form SA401 for partners.
31 October 2025	Deadline for submission to HMRC of a paper tax return for 2024/2025.
30 December 2025	Deadline for e-filing the tax return where the taxpayer requires the 2024/2025 balancing payment to be collected through next year's tax code (less than £2,000).
6 April 2026	Self-employed and landlords with annual incomes in excess of £50,000 are mandated to comply with the HMRC's MTD for Income Tax rules.
6 April 2027	Self-employed and landlords with annual incomes between £30,0000 and £50,000 are mandated to comply with the HMRC's MTD for Income Tax rules.

National Minimum Wage

National Minimum Wage Hourly rate	From 01-04-25	From 01-04-24	From 01-04-23	From 01-04-22
Aged 21 above (National Living Wage)	£12.21	£11.44	-	-
Aged 23 and over (National Living Wage)	£12.21	£11.44	£10.42	£9.50
Aged 21 to 22 inclusive	£12.21	£11.44	£10.18	£9.18
Aged 18 to 20 inclusive	£10.00	£8.60	£7.49	£6.83
Aged 16 to 17 inclusive	£7.55	£6.40	£5.28	£4.81
Apprentice rate	£7.55	£6.40	£5.28	£4.81

 

Income Tax

Income Tax Rates: England, Wales & NI	2025-2026	2024-2025	2023-2024	2022-2023
Starter rate for savings	10%	10%	10%	10%
Basic tax rate	20%	20%	20%	20%
Higher tax rate	40%	40%	40%	40%
Additional tax rate	45%	45%	45%	45%
Basic rate band (above personal allowance)	£0 - £37,700	£0 - £37,700	£0 - £37,700	£0 - £37,700
Higher rate band	£37,701 - £125,410	£37,701 - £125,410	£37,701 - £125,410	£37,701 - £150,000
Additional rate band	Over £125,410	Over £125,410	Over £125,410	Over £150,000

 

Income Tax Rates: Scotland	2025-2026	2024-2025	2023-2024	2022-2023
Starter tax rate	19%	19%	19%	19%
Basic tax rate	20%	20%	20%	20%
Intermediate tax rate	21%	21%	21%	21%
Higher tax rate: Lower	42%	42%	42%	41%
Higher tax rate: Higher	45%	45%	-	-
Top tax rate	48%	47%	47%	46%
Starter tax rate band (above personal allowance)	£0 - £2,827	£0 - £2,162	£0 - £2,162	£0 - £2,162
Basic tax rate band	£2,828 - £14,921	£2,307 - £13,991	£2,163 - £13,118	£2,163 - £13,118
Intermediate tax rate band	£14,922 - £31,092	£13,992 - £31,092	£13,119 - £31,092	£13,119 - £31,092
Higher rate band: Lower	£31,093 - £62,340	£31,093 - £62,340	£31,093 - £125,410	£31,093 - £150,000
Higher rate band: Higher	£62,341 - £125,410	£62,341 - £125,410	-	-
Top tax rate band	Over £125,410	Over £125,410	Over £125,410	Over £150,000

Taxpayers earning more than £100,000 will see their Personal Allowance reduced by £1 for every £2 earned over £100,000.

Individual Saving Accounts (ISA)	2025-2026	2024-2025	2023-2024	2022-2023
Overall investment limit	£20,000	£20,000	£20,000	£20,000
Junior account invetsment limit	£9,000	£9,000	£9,000	£9,000

 

Income on Savings: Restricted to other income of less than £17,500	2025-2026	2024-2025	2023-2024	2022-2023
Starting rate for savings	0%	0%	0%	0%
Starting rate band for savings	£0 - £5,000	£0 - £5,000	£0 - £5,000	£0 - £5,000

 

Income on Dividends	2025-2026	2024-2025	2023-2024	2022-2023
Allowance for tax-free dividends	£500	£500	£1,000	£2,000
Tax on dividends at Basic Effective Rate	8.75%	8.75%	8.75%	8.75%
Tax on dividends at Higher Effective Rate	33.75%	33.75%	33.75%	33.75%
Tax on dividends at Additional Effective Rate	39.35%	39.35%	39.35%	39.35%

Personal Allowances

Personal Allowances	2025-2026	2024-2025	2023-2024	2022-2023
Standard payroll tax code	1257L	1257L	1257L	1257L
Personal allowance (1)	£12,570	£12,570	£12,570	£12,570
Income limit for Personal Allowance	£100,0000	£100,0000	£100,0000	£100,0000
Marriage Allowance (Tfrs between couples)	£1,260	£1,260	£1,260	£1,260
Marriage Allowance: Lower earner's limit	£12,570	£12,570	£12,570	£12,570
Max Married Couples Allowance (2)	£11,080	£11,080	£10,375	£9,415
Min Married Couples Allowance (2)	£4,280	£4,280	£4,010	£3,640
Income limit for Married Couples Allowance (2)	£37,000	£37,000	£34,600	£31,400
Blind person's allowance	£3,130	£3,070	£2,870	£2,600
Dividend allowance	£500	£500	£1,000	£2,000
Personal Savings Allowance (Basic Rate Taxpayer)	£1,000	£1,000	£1,000	£1,000
Personal Savings Allowance (Higher Rat Taxpayer)	£500	£500	£500	£500
Individual Saving Account (ISA) - Overall annual limit	£20,000	£20,000	£20,000	£20,000
Individual Saving Account (ISA) - Junior account limit	£9,000	£9,000	£9,000	£9,000
Personal Annual Pension Allowance 100% of salary up to:	£40,000	£40,000	£40,000	£40,000
Permitted pension contributions (irrespective of salary)	£4,000	£4,000	£4,000	£4,000
Rent-a-room maximum	£7,500	£7,500	£7,500	£7,500
High income child benefit charge threshold (3)	£50,000	£50,000	£50,000	£50,000
Micro-entrepreneurs trading allowances	£1,000	£1,000	£1,000	£1,000

Note 1: Where income is above £100,000 the Personal Allowance reduces by £1 for every £2 of income above the £100,000 limit down to zero. This reduction applies to all people irrespective of age or date of birth.

Note 2: The Married Couples allowances applies to those born before 6 April 1935. The allowance reduces by £1 for every £2 of income above the specified income limit of £31,400, but never falls below the minimum amount specified above. Tax relief for the Married Couples Allowance is given at 10%.

Note 3: Charge of 1% of the child benefit per £100 of adjusted net income over £50,000; 100% of the child benefit withdrawn when adjusted net income reaches £60,000.

State Pension (from 6th April)	2024-2025	2023-2024	2022-2023	2021-2022
Old State Pension: Single allowance per week	£176.30	£156.20	£141.85	£137.60
New State Pension (applies to those reaching retirement age after 5 April 2016)	£230.20	£203.85	£185.15	£179.60

National Insurance Tax

National Insurance Class 1	2025-2026	2024-2025	2023-2024	2022-2023
Employee's Earnings Limits	Weekly-Monthly-Yearly	Weekly-Monthly-Yearly	Weekly-Monthly-Yearly	Weekly-Monthly-Yearly
- Lower earnings limit (LEL) The minimum level of earnings employees need to qualify for benefit including State Pension.	£125 - £542 - £6,500	£123 - £533 - £6,396	£123 - £533 - £6,396	£123 - £533 - £6,396
- Primary threshold (PT) The level of earnings above which employees Class 1 contributions become payable.	£242 - £1,048 - £12,570	£242 - £1,048 - £12,570	£242 - £1,048 - £12,570	£242 - £1,048 - £12,570 (£190 - £823 - £9,880) (06-Apr-22 to 05-Jul-22)
- Secondary threshold (ST) The level of earnings above which employers Class 1 contributions become payable.	£96 - £417 - £5,000	£175 - £758 - £9,100	£175 - £758 - £9,100	£175 - £758 - £9,100
- Upper earnings limit (UEL) Employees do not pay Class 1 contributions above this level.	£967 - £4,189 - £50,270	£967 - £4,189 - £50,270	£967 - £4,189 - £50,270	£967 - £4,189 - £50,270

People stop paying Class 1 and Class 2 contributions when they reach State Pension Age, which is determined by gender and date of birth.

Employers Allowance	2025-2026	2024-2025	2023-2024	2022-2023
Employer's Allowance	£10,500	£5,000	£5,000	£4,000

 

National Insurance Employee's Class 1	2025-2026	2024-2025	2023-2024	2022-2023
- Primary rate from PT to UEL	8%	8%	12% (10%) (06-Jan-24 to 05-Apr-24)	12% (13.25%) (06-Apr-22 to 05-Nov-22)
- Above UEL	2%	2%	2%	2% (3.25%) (06-Apr-22 to 05-Nov-22)

 

National Insurance Employer's Class 1 rates	2025-2026	2024-2025	2023-2024	2022-2023
- Primary rate above ST (NI Category Letter A, B, & C)	15.0%	13.8%	13.8%	13.8% (15.05%) (06-Apr-22 to 05-Nov-22)

 

National Insurance Employer's Class 1A rates on B-I-K	2025-2026	2024-2025	2023-2024	2022-2023
Employer's Class 1A NI rates on B-I-K	15.0%	13.8%	13.8%	15.05%

 

National Insurance Class 2	2025-2026	2024-2025	2023-2024	2022-2023
Self-employed National Insurance
- on annual earnings over	£6,845	£6,725	£6,725	£6,725
- weekly contribution	£3.50	£3.45	£3.45	£3.15
- maximum annual contribution	£182.00	£179.40	£179.40	£163.80

 

National Insurance Class 4	2025-2026	2024-2025	2023-2024	2022-2023
Self-employed National Insurance on taxable profits between:
- Lower Profit Limit (LPL)	£12,570	£12,570	£12,570	£11,908
- Upper Profit Limit (UPL)	£50,270	£50,270	£50,270	£50,270
- Rate applied to earnings above LPL to UPL	6%	6%	9%	9.73%
- Rate applied to earnings above UPL	2%	2%	2%	2.73%

Capital Gains Tax

Capital Gains Tax	2025-2026	2024-2025	2023-2024	2022-2023
Annual exempt amount:
- Individuals & personal representatives	£3,000	£3,000	£6,000	£12,300
- Trustees (Next year: £1,500)	£1,500	£1,500	£3,000	£6,150
Taxed at Basic and Standard Rate (increase to 18% from 30-Oct-24)	18%	10%	10%	10%
Taxed at Higher and Additional Rate (increase to 24% from 30-Oct-24)	24%	20%	20%	20%
Gains qualifying for Business Asset Disposal Relief (Note 1)	14%	10%	10%	10%
Gains on residential properties as a basic rate taxpayer	18%	18%	18%	18%
Gains on residential properties as a higher rate taxpayer	28%	28%	28%	28%

Note 1: Business Asset Disposal Relief available at 14%/10% with a lifetime limit of £1m from 11 March 2020 (Previously £10m).

Inheritance Tax

Inheritance Tax	2025-2026	2024-2025	2023-2024	2022-2023
No tax charge arises up to:	£325,000	£325,000	£325,000	£325,000
Taxed above £325,000 at:	40%	40%	40%	40%
Lifetime transfers to most trusts:	20%	20%	20%	20%
Main exempt lifetime gifts
Small gifts (per recipient):	£250	£250	£250	£250
Parent's gift on marriage:	£5,000	£5,000	£5,000	£5,000
Grandparent's gift on marriage:	£2,500	£2,500	£2,500	£2,500
Gifts (per donor):	£3,000	£3,000	£3,000	£3,000

Note 1: Each individual has a tax-free gift allowance of £3,000 per annum. This means that a donor can give £3,000 in any one tax year without tax implications. Anything larger than £3,000 will be considered a ‘Potentially Exempt Transfer’ (PET) and may be subject to inheritance tax should the donor fail to survive seven years from the date the gift is made.

Note 2: Tapering relief is given in respect of gifts made between three and seven years before death as follows:

Survival Years	0-3	3-4	4-5	5-6	6-7	Over 7
Taper relief	0%	20%	40%	60%	80%	100%
Effective IHT Rate	40%	32%	24%	16%	8%	0%

Stamp Duty

Residential Property Stamp Duty from 1 April 2025	England & NI SDLT	Scotland LBTT	Wales LTT
£0 - £125,000	Nil	Nil	Nil
£125,001 - £145,000 (remains £nil to 31 March 2025)	2%	Nil	Nil
£145,001 - £225,000 (remains £nil to 31 March 2025)	2%	2%	Nil
£225,001 - £250,000	2%	2%	6%
£250,001 - £325,000	5%	5%	6%
£325,001 - £400,000	5%	10%	6%
£400,001 - £750,000	5%	10%	7.5%
£750,001 - £925,000	5%	12%	10%
£925,001 - £1.5m	10%	12%	10%
Above £1.5m	12%	12%	12%
There are additional supplementary charges for second homes: England and Northern Ireland there is a 3% (4% for Scotland). In England and Northern Ireland, from 1 April 2025 the zero rate concession for first time buyers is increased to £300,000 on residential puchases up to £500,000. In Scotland for first time buyers the zero rate is extended to £175,000.

Corporation Tax

Corporation Tax	From 01-04-25	From 01-04-24	From 01-04-23	From 01-04-22
Main rate:	25%	25%	25%	19%
Loans to participators	33.75%	33.75%	33.75%	33.75%

Note 1: From 1 March 24 and 31 March 25, the main rate will be 25%. A small profits effective rate of 19% will apply to profits up to £50,000. The marginal rate will increase from 19% to 26.5% on profits between £50,000 and £250,000.

VAT Registration Limits

VAT thresholds and limits	Registration threshold	Deregistration limit
from 1 Apr 2024	£90,000	£88,000
from 1 Apr 2017 to 31 Mar 2024	£85,000	£83,000
01 Apr 16 to 31 Mar 17	£83,000	£81,000

Mileage Allowances

Mileage Rates to be used for privately owned vehicles from 6 April 2011	First 10,000 miles	Above 10,000 miles
Cars and vans	45p	25p
Motorcycles	24p	24p
Cycles	20p	20p

Van benefits

Van Benefits	2025-2026	2024-2025	2023-2024	2022-2023
Van benefit	£4,20	£3,960	£3,960	£3,600
Fuel benefit	£769	£757	£757	£688
No fuel benefit for electric vans	-	-	-	-