FOR ADVISERS ONLY
Income Tax Rates & Allowances (UK excluding Scotland)
Personal Allowances
| 2022/23 | 2021/22 | 2020/21 | |
|---|---|---|---|
| Single person | £12,570 | £12,570 | £12,500 |
- Since 2016/17, all individuals will be entitled to the same personal allowance, regardless of the individuals’ date of birth.
- From 6 April 2010, the personal allowances will reduce by £1 for every £2 of income above £100,000 until they are nil.
Income tax rates and taxable bands (UK excluding Scotland)
| 2022/23 | 2021/22 | 2020/21 | |
|---|---|---|---|
| Basic tax rate | 20% | 20% | 20% |
| Income taxed at basic rate |
£37,700 | £37,700 | £37,500 |
| Income taxed at higher rate of 40% if income more than |
£37,700 plus personal allowance | £37,700 plus personal allowance | £37,500 plus personal allowance |
| Income taxed at additional rate of 45% if income more than |
£150,0001 | £150,0001 | £150,0001 |
1 Personal allowance is reduced by £1 for every £2 earned over £100,000
2 Assumes the individual is in receipt of the standard UK personal allowance.