Collier-Marsh Accountancy
Chartered Accountants
Personal Allowances, reliefs and tax rates - 2023/24
The personal allowance is restricted by £1 for every £2 of an individual’s adjusted net income above £100,000.
*See tax rate bands above.
Please note the above rates do not cover Scotland, who have devolved tax rates. Please contact us directly is you wish to discuss the Scottish rates of tax and allowances.
Personal Allowances | 2023/24 £ | 2022/23 £ |
Personal allowance (all ages) | 12,570 | 12,570 |
Personal allowance income limit | 100,000 | 100,000 |
Blind person's allowance | 2,870 | 2,600 |
Marriage allowance | 1,260 | 1,260 |
Income Tax Rates | Tax Rate | 2023/24 £ | 2022/23 £ |
Basic rate | 20% | 0-37,700 | 0-37,700 |
Higher Rate | 40% | 37,701 - 125,140 | 37,701 - 150,000 |
Additional Rate | 45% | 125,140 | 150,000+ |
Savings tax rates | Tax Rate | 2023/24 £ | 2022/23 £ |
Basic rate | 0% | 1,000 | 1,000 |
Higher rate | 0% | 500 | 500 |
Dividend tax rates | 2023/24 Tax rate | 2022/23 Tax rate |
Dividend Allowance (0%) | First £1,000 | First £2,000 |
Basic rate* | 8.75% | 8.75% |
Higher rate* | 33.75% | 33.75% |
Additional rate* | 39.35% | 39.35% |
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