Chartered Certified Accountants & Registered Auditors
Personal tax rates and allowances are generally set for income tax years running to 5 April. Corporate rates and allowances are set for financial years running to 31 March.
The Personal Allowance is the amount of income a person can get before they pay tax.
| Allowances | 2024 to 2025 | 2023 to 2024 | 2022 to 2023 | 2021 to 2022 |
|---|---|---|---|---|
|
Personal Allowance |
£12,570 |
£12,570 |
£12,570 |
£12,500 |
|
Income limit for Personal Allowance |
£100,000 |
£100,000 |
£100,000 |
£100,000 |
The Personal Allowance goes down by £1 for every £2 of income above the £100,000 limit. It can go down to zero.
People born before 6 April 1948 may be entitled to a bigger Personal Allowance.
From the 2016 to 2017 tax year onwards, everyone gets the standard Personal Allowance.
| Allowances | 2024 to 2025 | 2023 to 2024 | 2022 to 2023 | 2021 to 2022 |
|---|---|---|---|---|
|
Personal Allowance |
£12,570 |
£12,570 |
£12,570 |
£12,500 |
|
Income limit for Personal Allowance |
£100,000 |
£100,000 |
£100,000 |
£100,000 |
Before the 2013 to 2014 tax year, the bigger Personal Allowance was based on age instead of date of birth.
| Allowances | 2012 to 2013 |
|---|---|
|
Personal Allowance for people aged 65 to 74 |
£10,500 |
|
Personal Allowance for people aged 75 and over |
£10,660 |
|
Income limit for Personal Allowance |
£25,400 |