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Emma Stevens Accountancy

Chartered Accountant in Hemel Hemstead, Chesham, Kings Langley, Berkhamstead, Hertfordshire

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Spring Statement – 2022/23 tax data

01/04/2022 By Emma Stevens

Main personal allowances and reliefs2022/232021/22
Personal allowance*£12,570£12,570
Marriage / civil partner’s transferable allowance£1,260£1,260
Married couple’s / civil partner’s allowance at 10%†– maximum
£9,415

£9,125
(if at least one born before 6/4/35) – minimum£3,640£3,530
Blind person’s allowance£2,600£2,520
Rent-a-room relief£7,500£7,500
Property allowance£1,000£1,000
Trading allowance£1,000£1,000

* Personal allowance reduced by £1 for every £2 of adjusted net income over £100,000
† Married couple’s/civil partner’s allowance reduced by £1 for every £2 of adjusted net income over £31,400, until minimum reached

INCOME TAX RATES AND BANDS

UK taxpayers excluding Scottish taxpayers’ non-dividend, non-savings income2022/232021/22
20% basic rate on first slice of taxable income up to£37,700£37,700
40% higher rate on next slice of taxable income over£37,700£37,700
45% additional rate on taxable income over£150,000£150,000
Scottish taxpayers – non-dividend, non-savings income2022/232021/22
19% starter rate on taxable income up to£2,162£2,097
20% basic rate on next slice up to£13,118£12,726
21% intermediate rate on next slice up to£31,092£31,092
41% higher rate on next slice up to£150,000£150,000
46% top rate on income over£150,000£150,000
All UK taxpayers
Starting rate at 0% on band of savings income up to**£5,000£5,000
Personal savings allowance at 0%:
Basic rate
Higher rate
Additional rate
£1,000
£500
£0
£1,000
£500
£0
Dividend allowance at 0%: All individuals£2,000£2,000
Tax rates on dividend income:                                                          Basic rate
Higher rate
Additional rate 
8.75%
33.75%
39.35%
7.5%
32.5%
38.1%
Trusts: Standard rate band generally£1,000£1,000
Rate applicable to trusts:Dividends39.35%38.1%
                              Other income45%45%

** Not available if taxable non-savings income exceeds the starting rate band

High Income Child Benefit Charge: 1% of benefit per £100 of adjusted net income between £50,000–£60,000
Non-domicile remittance basis charge after UK residence in at least:2022/232021/22
7 of the last 9 tax years
12 of the last 14 tax years
£30,000
£60,000
£30,000
£60,000

 

TAX INCENTIVISED INVESTMENTS

 2022/232021/22
Total Individual Savings Account (ISA) limit, excluding Junior ISAs (JISAs)£20,000£20,000
Lifetime ISA£4,000£4,000
JISA and Child Trust Fund£9,000£9,000
Venture Capital Trust (VCT) at 30%£200,000£200,000
Enterprise Investment Scheme (EIS) at 30%*£2,000,000£2,000,000
EIS eligible for CGT deferral reliefNo limitNo limit
Seed Enterprise Investment Scheme (SEIS) at 50%£100,000£100,000
SEIS CGT reinvestment relief50%50%

*Above £1,000,000 investment must be in knowledge-intensive companies

 

REGISTERED PENSIONS

           2022/232021/22
Lifetime allowance£1,073,100£1,073,100
Money purchase annual allowance£4,000£4,000
Annual allowance*£40,000£40,000

Annual allowance charge on excess is at applicable tax rate(s) on earnings

Lifetime allowance charge if excess is drawn as cash 55%: as income 25%

Pension commencement lump sum up to 25% of pension benefit value

* Reduced by £1 for every £2 of adjusted income over £240,000 to a minimum of £4,000, subject to threshold income being over £200,000

PROPERTY TAXES

Property transaction taxes have different rates and names depending on where in the UK a purchase takes place.

England & N Ireland – Stamp Duty Land Tax (SDLT) on slices of value

Residential property%Commercial property*       %
Up to £125,0000Up to £150,0000
£125,001–£250,0002£150,001–£250,0002
£250,001 –£925,0005Over £250,0005
£925,001–£1,500,00010  
Over £1,500,00012  

*0% for freeport qualifying property in England only
First time buyers: 0% on first £300,000 for properties up to £500,000
Non-resident purchasers: 2% surcharge on properties £40,000 or more
Residential properties bought by companies etc. over £500,000: 15% of total consideration, subject to certain exemptions

Scotland – Land and Buildings Transaction Tax (LBTT) on slices of value
Residential property%Commercial property%
Up to £145,0000Up to £150,0000
£145,001 – £250,0002£150,001 – £250,0001
£250,001 – £325,0005Over £250,0005
£325,001 – £750,00010  
Over £750,00012  
First-time buyers: 0% on first £175,000
Wales – Land Transaction Tax (LTT) on slices of value
Residential property%Commercial property%
Up to £180,0000Up to £225,0000
£180,001 – £250,0003.5£225,001 – £250,0001
£250,001 – £400,0005£250,001 – £1,000,0005
£400,001 – £750,0007.5Over £1,000,0006
£750,001 – £1,500,00010  
Over £1,500,00012  
Additional residential and all corporate residential properties
£40,000 or more – add 3% to SDLT rates and 4% to LBTT and LTT rates
Stamp Duty and SDRT: Stocks and marketable securities                                         0.5%
  • I’ve started to work self employed. What do I need to do?
  • How do I pay my Corporation Tax?
  • How do I pay my Employer’s PAYE?
  • How do I pay my personal tax return?
  • How do I pay my VAT return?
  • When is my personal tax return due?
  • Why do I need to pay a payment on account?

Recent Posts

  • Spring Statement – 23 March 2022
  • Spring Statement – 2022/23 tax data
  • Spring Statement – Announcements
  • Spring Statement – Economic Update
  • Spring Statement – Introduction
Emma Stevens Accountancy
14 High Street,
Bovingdon,
Hertfordshire,
HP3 0HG
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01442 831462
info@emmastevensaccountancy.co.uk
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