Autumn Statement 2023 - HMRC tax rates and allowances for 2024/25

¹ The individual’s personal allowance is reduced where their income is above this limit. The allowance is reduced by £1 for every £2 above the limit.

² If non-savings taxable income exceeds the starting rate limit, the starting savings rate will not apply to savings income.

³ The main rate of corporation tax remains at 25% for profits in excess of £250,000. A ‘small profits rate’ of 19% applies to profits up to £50,000. For businesses with profits between £50,000 and £250,000, tax is charged at the main rate, subject to marginal relief provisions which will provide a gradual increase in the effective corporation tax rate. The bank corporation tax surcharge remains at 3%, so the overall corporation tax rate payable by banks will be 28%.

⁴ Stamp duty land tax is charged at a rate of 3% above the current stamp duty land tax residential rates from 01 April 2016 on purchases by individuals of additional residential properties (such as second homes and buy-to-let properties), and by non-natural persons (companies, partnerships including companies or collective investment schemes) of a residential property, even if they do not own another residential property.

⁵ For purchases by first-time buyers of property worth £625,000 or less from 23 September 2022, the stamp duty land tax rate for a property valued £0 – 425,000 is 0% and for a property valued £425,001 – 625,000 is 0% on the consideration up to £425,000 and 5% on the remainder.

⁶ The 15% rate applies to certain acquisitions of residential property by “non-natural persons” (a company, a partnership including a company or a collective investment scheme).

⁷ A 2% surcharge applies from 01 April 2021 on non-UK residents purchasing residential property in England and Northern Ireland (when combined with the additional 3% rate (see note 5 above), a 5% surcharge applies on non-UK residents purchasing additional residential properties).

⁸ The nil rate band for residential property increased from £125,000 to £250,000 from 23 September 2022.