Gloucestershire Business School
Accounting and Finance Subject Group
AC6007/6027 Advanced Taxation / Tax in Action
Tax tables 2023-24 (2022-23 Legislation)
September 2023
Income Tax
Allowances
Personal allowance
Income limit for personal allowances
Marriage allowance
Rent a room allowance
2022/23
£
2021/22
£
12,570
100,000
1,260
7,500
12,570
100,000
1,260
7,500
2022/23
£
2021/22
£
5,000
1 – 37,700
Band 37,701–
150,000
Over 150,000
5,000
1 – 37,700
Band 37,701–
150,000
Over 150,000
2022/23
2021/22
£1,000 or £500
First £2,000
8.75%
33.75%
39.35%
£1,000 or £500
First £2,000
7.5%
32.5%
38.1%
Taxable bands (non-savings and savings income)
Starting rate (savings only) at 0%
Basic rate band at 20%
Higher rate at 40%
Additional rate at 45%
Other rates
Savings nil rate
Dividend nil rate
Dividend ordinary rate
Dividend upper rate
Dividend additional rate
Car and car fuel benefits
The base level of CO2 emissions for cars is 75 g/km for which the scale percentage is 20%.
For 2021-22 there were two rates depending on the age of the car. That distinction has now been withdrawn.
A ‘zero emission’ car will be assessed at 2%. The maximum scale charge for all cars is 37%
The base figure for calculating the car fuel benefit is £25,300.
© 2023. All rights reserved.
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Authorised mileage rates (cars)
Up to 10,000 miles
Over 10,000 miles
45p
25p
Child Benefit – weekly payments
First child
Second and subsequent child (each)
£21.80
£14.45
Remittance charge
Resident for 7 out of the previous 9 tax years
Resident for 12 out of the previous 14 tax years
New deemed domicile rules for periods of 15 years +
£30,000
£60,000
Pension schemes
Tax year
Annual
Allowance
2022/23
£40,000
2021/22
£40,000
Annual Allowance
charge
40% on any annual
increase in pension
scheme value in
excess of limit
Lifetime
allowance
£1,073,100
£1,073,100
Lifetime allowance
charge
25% on excess if
taken as pension;
55% on excess if
taken as lump sum
Capital Gains Tax
2022/23
2021/22
Annual exempt amount
Individuals
Trusts
£12,300
£6,150
£12,300
£6,150
Chattels exemption (max sale proceeds)
£6,000
£6,000
Business Asset Disposal Relief – qualifying assets
Lifetime limit
Qualifying period
Rate of tax
£1,000,000
2 Years
10%
£1,000,000
2 years
10%
Investors’ relief – qualifying assets [not employees]
Lifetime limit
Qualifying period
Rete of tax
£10,000,000
3 years
10%
£10,000,000
3 years
10%
Residential
Property
18%
28%
Other
Gains
10%
20%
Other assets (both years)
Lower rate of tax
Higher rate of tax
Note: trustees of trusts pay capital gains tax at the higher rate on both categories.
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Tax tables 2023-24 (2022-23 Legislation)
AC6007/6027 2023–24
Capital allowances
Plant and machinery
Annual investment allowance
Writing down allowance—main pool
WDA—special rate pool
Motor cars – purchased on or after April 2018
– ‘low emission motor cars’: CO2 0 g/km
– CO2 emissions between 1 and 50 g/km
– CO2 emissions over 50 g/km
2022/23
2021/22
£1,000,000
18%
6%
£1,000,000
18%
6%
2022/23
100%
18%
6%
Corporation Tax - rates of tax
Financial year 2022
Profit threshold – large companies
19%
£1,500,000
National insurance (not contracted out) rates
Class 1
Employee
Class 1
Employer
Employment allowance
Class 1 A
Class 2
Employer
Employer
Individual
Class 4
Individual
£
£1 – £11,908 per year
£11,909– £50,270 per year
£50,271 and above per year
£1 – £9,100 per year
£9,101 and above per year
£5,000
Rate %
Nil
13.25
3.25
Nil
15.05
15.05
£3.15 per week
Small profits threshold: £6,725
£1 – £11,908 per year
£11,909– £50,270 per year
£50,271 and above per year
Nil
10.25
3.25
Inheritance Tax
Allowances and rates
Nil rate band (2009/10 – 2022/23)
Main residence nil rate band 2022/23
Main residence nil rate band 2023/24
Rate on chargeable lifetime transfers
Rate on death estate
AC6007/6027 2023–24
£0 – £325,000
£175,000
£175,000
20%
40%
Tax tables 2023-24 (2022-23 Legislation)
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Taper relief
Percentage
reduction
20%
40%
60%
80%
Over 3 but less than 4 years
Over 4 but less than 5 years
Over 5 but less than 6 years
Over 6 but less than 7 years
Quick succession relief
G −T
× T ×QSR
G
Where:
G = Gross value of the earlier transfer
T = Amount of IHT paid on the earlier transfer
QSR = Quick succession relief percentage – from the following table
Time periods between deaths
1 year or less
Over 1 year but less than 2
Over 2 years but less than 3
Over 3 years but less than 4
Over 4 years but less than 5
QSR %
100%
80%
60%
40%
20%
VAT
Registration and de-registration limits
Registration
De-registration
From 1/4/22
£85,000
£83,000
Cash accounting and annual accounting
schemes
Maximum turnover to join scheme
Turnover threshold to leave scheme
£1,350,000
£1,600,000
Flat rate scheme
Maximum turnover to join (excluding VAT)
Turnover threshold to leave (including VAT)
£150,000
£230,000
VAT Rates
%
Vat fraction
From 4 January 2011
20
1/6
Stamp duties
Stamp Duty/SD Reserve Tax
Stamp Duty Land Tax
£1 – £125,000
£125,001 – £250,000
£250,001 – £925,000
£925,001 – £1,500,000
£1,500,001 and over
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0.5%
Residential
0%
2%
5%
10%
12%
Non-residential
0%
2%
5%
5%
5%
Tax tables 2023-24 (2022-23 Legislation)
AC6007/6027 2023–24
Note that for residential property a further 3% is chargeable where the property is additional to a
property that is already owned – as would apply where a second property other than the main home
is aquired to rent out. In these circumstances consequently there will be no ‘nil’ rate band.
Annual Tax on Enveloped Dwellings (‘ATED’)
2023
£
£0 – £500,000
N/A
£500,001 – £1m
3,800
£1,000,001 – £2m
7,700
£2,000,001 – £5m
26,050
£5,000,001 – £10m
60,900
£10,000,001 - £20m
122,250
Over £20m
244,750
2022
£
N/A
3,700
7,500
25,300
59,100
118,600
237,400
Stamp Duty Land Tax on leases
Residential
£1 – £125,000
£125,001 and over
0%
1%
Non-Residential
£1 – £150,000
£150,001 – £5,000,000
£5,000,001 and over
0%
1%
2%
Miscellaneous
Official rate of interest for beneficial loans etc : 2.00%
Rate of interest on underpaid tax : 2.6%
Rate of interest on overpaid tax: 0.5%
Lease premiums allowable:
P×
51 − t
50
Where P = total premium and t = duration of lease in years.
AC6007/6027 2023–24
Tax tables 2023-24 (2022-23 Legislation)
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