Tax Card 2024/2025 - Oury Clark

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@update-service-accordion-state.window="activeServiceAccordion == $event.detail ? activeServiceAccordion = 0 : activeServiceAccordion = $event.detail"> <section data-acf="hero" class=" bg-none text-cod relative overflow-hidden "> <div class="container relative"> <div class="oc-grid grid-cols-12 relative lg:bg-none bg-sand lg:min-h-[calc(95vh-11.7rem)] xl:min-h-[calc(95vh-14.3rem)] 3xl:min-h-[calc(95vh-25.4rem)] "> <div class="col-span-10 col-start-2 lg:col-span-6 relative z-[2] flex items-center"> <div class="w-full oc-grid grid-cols-1 pt-16 text-center lg:text-left lg:py-44"> <header class="col-span-full cms"> <h1 class="text-ribbon">Tax Card 2024/2025</h1> </header> <div class="col-span-full"> <a href="#readmore" target="" title="Read more" rel="noopener noreferrer" class="button button--text "> Read More </a> </div> </div> </div> </div> </div> <div class="container lg:absolute lg:inset-0 pointer-events-none"> <div class="oc-grid grid-cols-12 h-full"> <div class="col-span-full 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</div> <div class="col-span-full md:col-span-6"> <div id="tab_1"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Capital allowances - plant and machinery <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>The cost of purchasing capital equipment in a business is not a revenue tax deductible expense. However, tax relief is available on certain capital expenditure in the form of capital allowances.</li> <li>Plant and machinery allowances may be available on items such as machines, equipment, furniture, certain fixtures in a building (‘<a class="def1" href="https://live-mer-wp.pantheonsite.io/definition/integral-features/">integral features</a>‘), computers, cars, vans and similar equipment used in a business.</li> <li>There are special rules for cars and certain ‘environmentally friendly’ equipment.</li> <li>Plant and machinery allowances may be available to owners of commercial property which is let out to a business.</li> <li>The Annual Investment Allowance (AIA) gives a 100% write-off on most types of plant and machinery (but not cars) up to an annual limit.</li> <li>Writing down allowances (WDA) are given for expenditure for which AIA is not, or cannot be, claimed.</li> <li>A Structures and Buildings Allowance of 3% may be available for qualifying investments to construct new, or renovate old, non-residential structures and buildings.</li> </ul> <h3><span class="h5">AIA</span></h3> <ul> <li>Special rules apply to accounting periods straddling the dates shown in the tables below.</li> <li>The AIA may need to be shared between certain businesses under common ownership.</li> </ul> <h3><span class="h5">AIA limits – companies</span></h3> <table class="info"> <thead> <tr> <th align="center" width="30%"> <h4><span class="h5">Annual limit</span></h4> </th> </tr> </thead> <tbody> <tr> <td align="center" width="30%">£</td> </tr> <tr> <td align="center" width="30%">1,000,000</td> </tr> </tbody> </table> <h3><span class="h5">AIA limits – sole traders and partnerships</span></h3> <table class="info"> <thead> <tr> <th align="center" width="30%"> <h4><span class="h5">Annual limit</span></h4> </th> </tr> </thead> <tbody> <tr> <td align="center" width="30%">£</td> </tr> <tr> <td align="center" width="30%">1,000,000</td> </tr> </tbody> </table> <h3><span class="h5">Other plant and machinery allowances</span></h3> <ul> <li>Expenditure upon which AIA is not given/claimed will obtain relief through the ‘<a href="https://live-mer-wp.pantheonsite.io/definition/main-rate-pool/">main rate pool</a>‘ or the ‘<a href="https://live-mer-wp.pantheonsite.io/definition/special-rate-pool/">special rate pool</a>‘ rather than each item being dealt with separately.</li> <li>The annual rate of WDA is 18% in the ‘<a href="https://live-mer-wp.pantheonsite.io/definition/main-rate-pool/">main rate pool</a>‘ and 6% in the ‘<a href="https://live-mer-wp.pantheonsite.io/definition/special-rate-pool/">special rate pool</a>‘.</li> <li>A 100% first year allowance (FYA) may be available on certain energy efficient plant and cars.</li> </ul> <h3><b><span class="h5"> Other allowances</span> </b></h3> <table class="columns_2"> <tbody> <tr> <td>First Year Allowance (FYA) on certain plant, machinery and cars of 0g/km (for cars purchased before 1 April 2025)</td> <td>100%</td> </tr> <tr> <td>Corporation tax FYA (‘full expensing’) on certain new, unused plant and machinery from 1 April 2023</td> <td>100%</td> </tr> <tr> <td>Corporation tax FYA on new, unused long-life assets, integral features of buildings, etc. from 1 April 2023</td> <td>50%</td> </tr> </tbody> </table> <h3><span class="h5">Cars</span></h3> <ul> <li>For expenditure incurred on cars, costs are generally allocated to one of the two plant and machinery pools.</li> <li>AIA is not available on any car but a 100% first year allowance may be available on certain cars. To qualify for first year allowance, the car must be purchased new.</li> </ul> <h3><span class="h5">Cars acquired from April 2021</span></h3> <table class="columns_3" border="0" width="100%" cellspacing="0" cellpadding="0"> <thead> <tr> <th align="center"> <h4><span class="h5">Emissions (g/km)</span></h4> </th> <th align="center"> <h4><span class="h5">Pool</span></h4> </th> <th align="center"> <h4><span class="h5">Allowance</span></h4> </th> </tr> </thead> <tbody> <tr> <td align="center">0</td> <td align="center">Main rate</td> <td align="center">100% FYA</td> </tr> <tr> <td align="center">≤ 50</td> <td align="center">Main rate</td> <td align="center">18% WDA</td> </tr> <tr> <td align="center">>50</td> <td align="center">Special rate</td> <td align="center">6% WDA</td> </tr> </tbody> </table> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label=" 2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>The cost of purchasing capital equipment in a business is not a revenue tax deductible expense. However, tax relief is available on certain capital expenditure in the form of capital allowances.</li> <li>Plant and machinery allowances may be available on items such as machines, equipment, furniture, certain fixtures in a building (‘<a class="def1" href="https://live-mer-wp.pantheonsite.io/definition/integral-features/">integral features</a>‘), computers, cars, vans and similar equipment used in a business.</li> <li>There are special rules for cars and certain ‘environmentally friendly’ equipment.</li> <li>Plant and machinery allowances may be available to owners of commercial property which is let out to a business.</li> <li>The Annual Investment Allowance (AIA) gives a 100% write-off on most types of plant and machinery (but not cars) up to an annual limit.</li> <li>Writing down allowances (WDA) are given for expenditure for which AIA is not, or cannot be, claimed.</li> <li>A Structures and Buildings Allowance of 3% may be available for qualifying investments to construct new, or renovate old, non-residential structures and buildings.</li> </ul> <h3><span class="h5">AIA</span></h3> <ul> <li>Special rules apply to accounting periods straddling the dates shown in the tables below.</li> <li>The AIA may need to be shared between certain businesses under common ownership.</li> </ul> <h3><span class="h5">AIA limits – companies</span></h3> <table class="info"> <thead> <tr> <th align="center" width="30%"> <h4><span class="h5">Annual limit</span></h4> </th> </tr> </thead> <tbody> <tr> <td align="center" width="30%">£</td> </tr> <tr> <td align="center" width="30%">1,000,000</td> </tr> </tbody> </table> <h3><span class="h5">AIA limits – sole traders and partnerships</span></h3> <table class="info"> <thead> <tr> <th align="center" width="30%"> <h4><span class="h5">Annual limit</span></h4> </th> </tr> </thead> <tbody> <tr> <td align="center" width="30%">£</td> </tr> <tr> <td align="center" width="30%">1,000,000</td> </tr> </tbody> </table> <h3><span class="h5">Other plant and machinery allowances</span></h3> <ul> <li>Expenditure upon which AIA is not given/claimed will obtain relief through the ‘<a href="https://live-mer-wp.pantheonsite.io/definition/main-rate-pool/">main rate pool </a> ‘ or the ‘ <a href="https://live-mer-wp.pantheonsite.io/definition/special-rate-pool/"> special rate pool </a> ‘ rather than each item being dealt with separately.</li> <li>The annual rate of WDA is 18% in the ‘ <a href="https://live-mer-wp.pantheonsite.io/definition/main-rate-pool/"> main rate pool </a> ‘ and 6% in the ‘ <a href="https://live-mer-wp.pantheonsite.io/definition/special-rate-pool/"> special rate pool </a> ‘.</li> <li>A 100% first year allowance (FYA) may be available on certain energy efficient plant and cars.</li> </ul> <h2><b><span class="h5"> Other allowances</span> </b></h2> <table class="info"> <tbody> <tr> <td>Corporation tax super-deduction on certain plant and machinery until 31 March 2023</td> <td>130%</td> </tr> <tr> <td>First Year Allowance (FYA) on certain plant, machinery and cars of 0 g/km</td> <td>100%</td> </tr> <tr> <td>Corporation tax FYA on long-life assets, integral features of buildings, etc. until 31 March 2023</td> <td>50%</td> </tr> <tr> <td>Corporation tax FYA (‘full expensing’) on certain new, unused plant and machinery from 1 April 2023</td> <td>100%</td> </tr> <tr> <td>Corporation tax FYA on new, unused long-life assets, integral features of buildings, etc. from 1 April 2023</td> <td>50%</td> </tr> </tbody> </table> <h3><span class="h5">Cars</span></h3> <ul> <li>For expenditure incurred on cars, costs are generally allocated to one of the two plant and machinery pools.</li> <li>AIA is not available on any car but a 100% first year allowance may be available on certain cars. To qualify for first year allowance, the car must be purchased new.</li> </ul> <h3><span class="h5">Cars acquired from April 2021</span></h3> <table class="columns_3" border="0" width="100%" cellspacing="0" cellpadding="0"> <thead> <tr> <th align="center"> <h4><span class="h5">Emissions (g/km)</span></h4> </th> <th align="center"> <h4><span class="h5">Pool</span></h4> </th> <th align="center"> <h4><span class="h5">Allowance</span></h4> </th> </tr> </thead> <tbody> <tr> <td align="center">0</td> <td align="center">Main rate</td> <td align="center">100% FYA</td> </tr> <tr> <td align="center">≤ 50</td> <td align="center">Main rate</td> <td align="center">18% WDA</td> </tr> <tr> <td align="center">>50</td> <td align="center">Special rate</td> <td align="center">6% WDA</td> </tr> </tbody> </table> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_2"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Capital gains tax (CGT) <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25" aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>CGT is payable by individuals, trustees and <a href="https://live-mer-wp.pantheonsite.io/definition/personal-representatives/">personal representatives (PRs)</a>. Companies pay corporation tax on their capital gains.</li> <li>There are annual tax-free allowances (the ‘annual exempt amount’) for individuals, trustees and PRs. Companies do not have an annual exempt amount.</li> <li>For individuals, net gains are added to <a href="https://live-mer-wp.pantheonsite.io/definition/total-taxable-income/">total taxable income</a> to determine the appropriate rate of tax. The standard rate applies only to the net gains which, when added to total taxable income, do not exceed the <a href="https://live-mer-wp.pantheonsite.io/definition/basic-rate-band/">basic rate band</a>.</li> <li>Gains which qualify for <a href="https://live-mer-wp.pantheonsite.io/definition/investors-relief/">Investors’ Relief</a> are charged at 10% for the first £10m of qualifying gains.</li> <li>Gains which qualify for <a href="https://live-mer-wp.pantheonsite.io/definition/entrepreneurs-relief/">Business Asset Disposal Relief </a>are charged at 10% for the first £1 million.</li> </ul> <h3><span class="h5">Rates and annual exemption</span></h3> <table class="info"> <thead> <tr> <th><span class="h5"><strong> Individuals </strong></span></th> <th align="center" width="50%"><strong><span class="h5"> 2024/25</span> </strong></th> </tr> </thead> <tbody> <tr class="subhead-row"> <td></td> <td align="center" width="50%">£</td> </tr> <tr> <td>Exemption</td> <td align="center" width="50%">3,000</td> </tr> <tr> <td>Standard rate</td> <td align="center" width="50%">10%</td> </tr> <tr> <td>Higher rate</td> <td align="center" width="50%">20%</td> </tr> </tbody> </table> <p>The higher rate applies to higher rate and additional rate taxpayers.</p> <p>Additionally, higher rates of 18% and 24% may apply to the disposal of certain residential property.</p> <table class="info" border="0" width="100%" cellspacing="0" cellpadding="0"> <thead> <tr> <th><strong><span class="h5"> Trusts</span> </strong></th> <th align="center" width="50%"><strong><span class="h5"> 2024/25</span> </strong></th> </tr> </thead> <tbody> <tr class="subhead-row"> <td></td> <td align="center" width="50%">£</td> </tr> <tr> <td>Exemption</td> <td align="center" width="50%">1,500</td> </tr> <tr> <td>Rate</td> <td align="center" width="50%">20%</td> </tr> </tbody> </table> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label=" 2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>CGT is payable by individuals, trustees and <a href="https://live-mer-wp.pantheonsite.io/definition/personal-representatives/"> personal representatives (PRs). </a> Companies pay corporation tax on their capital gains.</li> <li>There are annual tax-free allowances (the ‘annual exempt amount’) for individuals, trustees and PRs. Companies do not have an annual exempt amount.</li> <li>For individuals, net gains are added to <a href="https://live-mer-wp.pantheonsite.io/definition/total-taxable-income/"> total taxable income </a> to determine the appropriate rate of tax. The standard rate applies only to the net gains which, when added to total taxable income, do not exceed the <a href="https://live-mer-wp.pantheonsite.io/definition/basic-rate-band/"> basic rate band </a> .</li> <li>Gains which qualify for <a href="https://live-mer-wp.pantheonsite.io/definition/investors-relief/">Investors’ Relief</a> are charged at 10% for the first £10m of qualifying gains.</li> <li>Gains which qualify for <a href="https://live-mer-wp.pantheonsite.io/definition/entrepreneurs-relief/">Business Asset Disposal Relief</a> are charged at 10% for the first £1 million.</li> </ul> <h5>Rates and annual exemption</h5> <table class="info"> <thead> <tr> <th> <h5><strong> Individuals </strong></h5> </th> <th align="center" width="50%"> <h5><strong> 2023/24 </strong></h5> </th> </tr> </thead> <tbody> <tr class="subhead-row"> <td></td> <td align="center" width="50%">£</td> </tr> <tr> <td>Exemption</td> <td align="center" width="50%">6,000</td> </tr> <tr> <td>Standard rate</td> <td align="center" width="50%">10%</td> </tr> <tr> <td>Higher rate</td> <td align="center" width="50%">20%</td> </tr> </tbody> </table> <p>The higher rate applies to higher rate and additional rate taxpayers.</p> <p>Additionally, higher rates of 18% and 28% may apply to the disposal of certain residential property.</p> <table class="info" border="0" width="100%" cellspacing="0" cellpadding="0"> <thead> <tr> <th> <h5><strong> Trusts </strong></h5> </th> <th align="center" width="50%"> <h5><strong> 2023/24 </strong></h5> </th> </tr> </thead> <tbody> <tr class="subhead-row"> <td></td> <td align="center" width="50%">£</td> </tr> <tr> <td>Exemption</td> <td align="center" width="50%">3,000</td> </tr> <tr> <td>Rate</td> <td align="center" width="50%">20%</td> </tr> </tbody> </table> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_3"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Car benefit <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25" aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>The car benefit is calculated by multiplying the car’s list price, when new, by a percentage linked to the car’s CO<sub>2</sub> emissions.</li> <li>For diesel cars generally add a 4% supplement (unless the car is registered on or after 1 September 2017 and meets the Euro 6d emissions standard).</li> <li>The overall maximum percentage is capped at 37%.</li> <li>The list price includes accessories.</li> <li>The list price is reduced for capital contributions made by the employee up to £5,000.</li> <li>Special rules may apply to cars provided for disabled employees.</li> </ul> <table class="info"> <tbody> <tr> <th colspan="3"> <h3><b><span class="h5"> 2024/25</span> </b></h3> </th> </tr> <tr> <td colspan="2"><b> CO2 emissions g/km </b></td> <td><b> % of list price taxed </b></td> </tr> <tr> <td colspan="2">0</td> <td>2</td> </tr> <tr> <td colspan="2">1 – 50</td> <td></td> </tr> <tr> <td>Electric range</td> <td>130 or more</td> <td>2</td> </tr> <tr> <td></td> <td>70 – 129</td> <td>5</td> </tr> <tr> <td></td> <td>40 – 69</td> <td>8</td> </tr> <tr> <td></td> <td>30 – 39</td> <td>12</td> </tr> <tr> <td></td> <td>under 30</td> <td>14</td> </tr> <tr> <td colspan="2">51 – 54</td> <td>15</td> </tr> <tr> <td colspan="2">55-59</td> <td>16</td> </tr> <tr> <td colspan="2">60-64</td> <td>17</td> </tr> <tr> <td colspan="2">65-69</td> <td>18</td> </tr> <tr> <td colspan="2">70-74</td> <td>19</td> </tr> <tr> <td colspan="2">75-79</td> <td>20</td> </tr> <tr> <td colspan="2">80-84</td> <td>21</td> </tr> <tr> <td colspan="2">85-89</td> <td>22</td> </tr> <tr> <td colspan="2">90-94</td> <td>23</td> </tr> <tr> <td colspan="2">95-99</td> <td>24</td> </tr> <tr> <td colspan="2">100-104</td> <td>25</td> </tr> <tr> <td colspan="2">105-109</td> <td>26</td> </tr> <tr> <td colspan="2">110-114</td> <td>27</td> </tr> <tr> <td colspan="2">115-119</td> <td>28</td> </tr> <tr> <td colspan="2">120-124</td> <td>29</td> </tr> <tr> <td colspan="2">125-129</td> <td>30</td> </tr> <tr> <td colspan="2">130-134</td> <td>31</td> </tr> <tr> <td colspan="2">135-139</td> <td>32</td> </tr> <tr> <td colspan="2">140-144</td> <td>33</td> </tr> <tr> <td colspan="2">145-149</td> <td>34</td> </tr> <tr> <td colspan="2">150-154</td> <td>35</td> </tr> <tr> <td colspan="2">155-159</td> <td>36</td> </tr> <tr> <td colspan="2">160 and above</td> <td>37</td> </tr> </tbody> </table> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label=" 2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>The car benefit is calculated by multiplying the car’s list price, when new, by a percentage linked to the car’s CO<sub>2</sub> emissions.</li> <li>For diesel cars generally add a 4% supplement (unless the car is registered on or after 1 September 2017 and meets the Euro 6d emissions standard).</li> <li>The overall maximum percentage is capped at 37%.</li> <li>The list price includes accessories.</li> <li>The list price is reduced for capital contributions made by the employee up to £5,000.</li> <li>Special rules may apply to cars provided for disabled employees.</li> </ul> <table class="info"> <tbody> <tr> <th colspan="3"> <h3><b><span class="h5"> 2023/24</span> </b></h3> </th> </tr> <tr> <td colspan="2"><b> CO2 emissions g/km </b></td> <td><b> % of list price taxed </b></td> </tr> <tr> <td colspan="2">0</td> <td>2</td> </tr> <tr> <td colspan="2">1 – 50</td> <td></td> </tr> <tr> <td>Electric range</td> <td>130 or more</td> <td>2</td> </tr> <tr> <td></td> <td>70 – 129</td> <td>5</td> </tr> <tr> <td></td> <td>40 – 69</td> <td>8</td> </tr> <tr> <td></td> <td>30 – 39</td> <td>12</td> </tr> <tr> <td></td> <td>under 30</td> <td>14</td> </tr> <tr> <td colspan="2">51 – 54</td> <td>15</td> </tr> <tr> <td colspan="2">55-59</td> <td>16</td> </tr> <tr> <td colspan="2">60-64</td> <td>17</td> </tr> <tr> <td colspan="2">65-69</td> <td>18</td> </tr> <tr> <td colspan="2">70-74</td> <td>19</td> </tr> <tr> <td colspan="2">75-79</td> <td>20</td> </tr> <tr> <td colspan="2">80-84</td> <td>21</td> </tr> <tr> <td colspan="2">85-89</td> <td>22</td> </tr> <tr> <td colspan="2">90-94</td> <td>23</td> </tr> <tr> <td colspan="2">95-99</td> <td>24</td> </tr> <tr> <td colspan="2">100-104</td> <td>25</td> </tr> <tr> <td colspan="2">105-109</td> <td>26</td> </tr> <tr> <td colspan="2">110-114</td> <td>27</td> </tr> <tr> <td colspan="2">115-119</td> <td>28</td> </tr> <tr> <td colspan="2">120-124</td> <td>29</td> </tr> <tr> <td colspan="2">125-129</td> <td>30</td> </tr> <tr> <td colspan="2">130-134</td> <td>31</td> </tr> <tr> <td colspan="2">135-139</td> <td>32</td> </tr> <tr> <td colspan="2">140-144</td> <td>33</td> </tr> <tr> <td colspan="2">145-149</td> <td>34</td> </tr> <tr> <td colspan="2">150-154</td> <td>35</td> </tr> <tr> <td colspan="2">155-159</td> <td>36</td> </tr> <tr> <td colspan="2">160 and above</td> <td>37</td> </tr> </tbody> </table> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_4"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Car fuel benefit <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>Car fuel benefit applies if an employee has the benefit of private fuel for a company car.</li> <li>The benefit is calculated by applying the percentage used to calculate the car benefit by a ‘fuel charge multiplier’.</li> <li>The charge is proportionately reduced if provision of private fuel ceases part way through the year. The fuel benefit is reduced to nil only if the employee pays for all private fuel.</li> </ul> <table class="info"> <thead> <tr> <th><strong><span class="h5"> Car fuel benefit 2024/25</span> </strong></th> <th></th> </tr> </thead> <tbody> <tr> <td>Fuel charge multiplier</td> <td align="center">£27,800</td> </tr> </tbody> </table> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label=" 2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>Car fuel benefit applies if an employee has the benefit of private fuel for a company car.</li> <li>The benefit is calculated by applying the percentage used to calculate the car benefit by a ‘fuel charge multiplier’.</li> <li>The charge is proportionately reduced if provision of private fuel ceases part way through the year. The fuel benefit is reduced to nil only if the employee pays for all private fuel.</li> </ul> <table class="info"> <thead> <tr> <th><span class="h5"><strong> Car fuel benefit 2023/24 </strong></span></th> <th></th> </tr> </thead> <tbody> <tr> <td>Fuel charge multiplier</td> <td align="center">£27,800</td> </tr> </tbody> </table> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_5"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Cars - advisory fuel rates for company cars <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="tabContent"> <div class="selected"> <section> <ul> <li>Advisory rates only apply where employers reimburse employees for business travel in a company car or require employees to repay the cost of fuel used for private travel in a company car.</li> <li>If the rate paid per mile of business travel is no higher than the advisory rate for the particular engine size and fuel type of the car, HMRC will accept that there is no taxable profit and no Class 1 NIC liability.</li> </ul> <h3><span class="h5">The advisory fuel rates for journeys undertaken on or after 1 March 2024 are:</span></h3> <table class="info"> <thead> <tr class="odd"> <th align="left"><strong><span class="h5"> Engine size</span> </strong></th> <th align="center" width="50%"><strong><span class="h5"> Petrol</span> </strong></th> </tr> </thead> <tbody> <tr class="even"> <td align="left"><span class="c5">1400cc or less</span></td> <td align="center" width="50%"><span class="c5">13p</span></td> </tr> <tr class="odd"> <td align="left"><span class="c5">1401cc – 2000cc</span></td> <td align="center" width="50%"><span class="c5">15p</span></td> </tr> <tr class="even"> <td align="left"><span class="c5">Over 2000cc</span></td> <td align="center" width="50%"><span class="c5">24p</span></td> </tr> </tbody> </table> <table class="info"> <thead> <tr class="odd"> <th align="left"><strong><span class="h5"> Engine size</span> </strong></th> <th align="center" width="50%"><strong><span class="h5"> Diesel</span> </strong></th> </tr> </thead> <tbody> <tr class="even"> <td align="left"><span class="c5">1600cc or less</span></td> <td align="center" width="50%"><span class="c5">12p</span></td> </tr> <tr class="odd"> <td align="left"><span class="c5">1601cc – 2000cc</span></td> <td align="center" width="50%"><span class="c5">14p</span></td> </tr> <tr class="even"> <td align="left"><span class="c5"> Over 2000cc </span></td> <td align="center" width="50%"><span class="c5">19p</span></td> </tr> </tbody> </table> <table class="info"> <thead> <tr class="odd"> <th align="left"><strong><span class="h5"> Engine size</span> </strong></th> <th align="center" width="50%"><strong><span class="h5"> LPG</span> </strong></th> </tr> </thead> <tbody> <tr class="even"> <td align="left"><span class="c5"> 1400cc or less </span></td> <td align="center" width="50%"><span class="c5">11p</span></td> </tr> <tr class="odd"> <td align="left"><span class="c5"> 1401cc – 2000cc </span></td> <td align="center" width="50%"><span class="c5"> 13p </span></td> </tr> <tr class="even"> <td align="left"><span class="c5"> Over 2000cc </span></td> <td align="center" width="50%"><span class="c5">21p</span></td> </tr> </tbody> </table> <p class="smallprint">Hybrid cars are treated as either petrol or diesel cars for this purpose.</p> <p class="smallprint">The Advisory Electricity Rate for fully electric cars is 9p per mile. Electricity is not a fuel for car fuel benefit purposes.</p> </section> </div> </div> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_6"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Child Benefit <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25" aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <p>Child Benefit is receivable by a person responsible for each child until they reach 16, or 19 if they stay in education or training.</p> <p>If the person (or their spouse or partner) has ‘<a href="https://live-mer-wp.pantheonsite.io/definition/adjusted-net-income/">adjusted net income</a>‘ above £60,000 the person with the highest income has to pay some of the Child Benefit as a tax charge.</p> <p>Where adjusted net income is more than £80,000 a year, the tax charge equals the Child Benefit received.</p> <table class="info"> <thead> <tr> <th><strong><span class="h5"> Rates – 2024/25</span> </strong></th> <th align="center"><span class="h5"><strong> £ per week </strong></span></th> </tr> </thead> <tbody> <tr> <td>Eldest/Only Child</td> <td align="center">£25.60</td> </tr> <tr> <td>Other Children</td> <td align="center">£16.95</td> </tr> </tbody> </table> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label=" 2023/24" aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <p>Child Benefit is receivable by a person responsible for each child until they reach 16, or 19 if they stay in education or training.</p> <p>If the person (or their spouse or partner) has ‘<a href="https://live-mer-wp.pantheonsite.io/definition/adjusted-net-income/">adjusted net income</a>‘ above £50,000 the person with the highest income has to pay some of the Child Benefit as a tax charge.</p> <p>Where adjusted net income is more than £60,000 a year, the tax charge equals the Child Benefit received.</p> <table class="info"> <thead> <tr> <th><span class="h5"><strong> Rates – 2023/24 </strong></span></th> <th align="center"><span class="h5"><strong> £ per week </strong></span></th> </tr> </thead> <tbody> <tr> <td>Eldest/Only Child</td> <td align="center">£24.00</td> </tr> <tr> <td>Other Children</td> <td align="center">£15.90</td> </tr> </tbody> </table> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_7"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Corporation tax rates <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>Corporation tax rates are set for each Financial Year. A Financial Year runs from 1 April to the following 31 March.</li> <li>If the accounting period of a company straddles the 31 March, the profits are apportioned on a time basis to each Financial Year.</li> <li>The Northern Ireland Executive has committed to setting the rate of corporation tax at 12.5% when the Northern Ireland Executive demonstrates its finances are on a sustainable footing.</li> </ul> <table class="info"> <tbody> <tr> <th><b><span class="h5"> Year to 31.3.25</span> </b></th> <th><span class="h5"><b> Profits band £ </b></span></th> <th><b><span class="h5"> Rate %</span> </b></th> </tr> <tr> <td>Small profits rate</td> <td>0 – 50,000</td> <td>19</td> </tr> <tr> <td>Marginal rate</td> <td>50,001 – 250,000</td> <td>26.5</td> </tr> <tr> <td>Main rate</td> <td>Over 250,000</td> <td>25</td> </tr> <tr> <td>Marginal relief fraction</td> <td>3/200</td> <td></td> </tr> </tbody> </table> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label=" 2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>Corporation tax rates are set for each Financial Year. A Financial Year runs from 1 April to the following 31 March.</li> <li>If the accounting period of a company straddles the 31 March, the profits are apportioned on a time basis to each Financial Year.</li> <li>The Northern Ireland Executive has committed to setting the rate of corporation <ul> <li>Corporation tax rates are set for each Financial Year. A Financial Year runs from 1 April to the following 31 March.</li> <li>If the accounting period of a company straddles the 31 March, the profits are apportioned on a time basis to each Financial Year.</li> <li>The Northern Ireland Executive has committed to setting the rate of corporation tax at 12.5% when the Northern Ireland Executive demonstrates its finances are on a sustainable footing.</li> </ul> <table class="info"> <tbody> <tr> <th><b><span class="h5"> Year to 31.3.24</span> </b></th> <th><span class="h5"><b> Profits band £ </b></span></th> <th><span class="h5"><b> Rate % </b></span></th> </tr> <tr> <td>Small profits rate</td> <td>0 – 50,000</td> <td>19</td> </tr> <tr> <td>Marginal rate</td> <td>50,001 – 250,000</td> <td>26.5</td> </tr> <tr> <td>Main rate</td> <td>Over 250,000</td> <td>25</td> </tr> <tr> <td>Marginal relief fraction</td> <td>3/200</td> <td></td> </tr> </tbody> </table> <p>For the year to 31.3.23 the main rate of corporation tax was 19%. Special rules apply to accounting periods straddling 1 April 2023. For the year to 31.3.24 the profits limits are reduced for a company with associated companies. Different rates apply for ring-fenced (broadly oil industry) profit.</li> </ul> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_8"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Employee's Statutory Payments <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section> <div class="selected"> <section> <div class="selected"> <section> <h3><span class="h5">Statutory pay</span></h3> <ul> <li>Payments may be required from an employer if an employee is not at work for a variety of reasons.</li> <li>There are detailed conditions for an employee to qualify for any of these statutory payments.</li> <li>Employees are only eligible for a statutory payment if they have sufficient average weekly earnings of at least the lower earnings limit.</li> </ul> <h3><span class="h5">Statutory Sick Pay</span></h3> <ul> <li>Payments may be required from an employer if an employee is too ill to work.</li> <li>SSP is generally payable for a period up to 28 weeks.</li> </ul> <h3><span class="h5">Statutory Maternity Pay</span></h3> <ul> <li>Payments may be required from an employer when an employee takes time off to have a baby.</li> <li>SMP is payable for a period up to 39 weeks.</li> </ul> <h3><span class="h5">Statutory Paternity Pay</span></h3> <ul> <li>Payments may be required from an employer when an employee takes time off during their partner’s Statutory Maternity Pay period.</li> <li>Payment is for a period of either one or two complete weeks.</li> </ul> <h3><span class="h5">Shared Parental Pay</span></h3> <ul> <li>Payments may be required from an employer when an employee takes time off following the curtailment of the period of SMP by the mother.</li> <li>Payment is for up to a maximum of 37 weeks and is dependent on the mother’s unused SMP period.</li> </ul> <h3><span class="h5">Statutory Adoption Pay</span></h3> <ul> <li>Payments may be required from an employer when an employee takes time off when they adopt a child.</li> <li>Payment is for a period up to 39 weeks.</li> </ul> <h3><span class="h5">Statutory Parental Bereavement Pay</span></h3> <ul> <li>Payments may be required from an employer when parents take time off following the death of a child or a stillbirth.</li> <li>Payment is for up to a maximum of two weeks.</li> </ul> <table class="info"> <thead> <tr> <th><span class="h5"><strong> 2024/25 Statutory pay rates – </strong> </span><br /> <strong><span class="h5"> average weekly earnings £123 or over</span> </strong></th> <th></th> </tr> </thead> <tbody> <tr> <td>Statutory Sick Pay</td> <td align="center" width="30%">£116.75</td> </tr> <tr> <td>Statutory Maternity Pay</td> <td></td> </tr> <tr> <td>First six weeks</td> <td align="center" width="30%">90% of weekly earnings</td> </tr> <tr> <td>Next 33 weeks</td> <td align="center" width="30%">£184.03</td> </tr> <tr> <td>Statutory Paternity Pay – two weeks</td> <td align="center" width="30%">£184.03</td> </tr> <tr> <td>Statutory Adoption Pay – 39 weeks</td> <td align="center" width="30%"></td> </tr> <tr> <td>First six weeks</td> <td align="center" width="30%">90% of weekly earnings</td> </tr> <tr> <td>Next 33 weeks</td> <td align="center" width="30%">£184.03</td> </tr> <tr> <td>Shared Parental Pay</td> <td align="center" width="30%">£184.03</td> </tr> <tr> <td>Statutory Parental Bereavement Pay – two weeks</td> <td align="center" width="30%">£184.03</td> </tr> </tbody> </table> <p><small>With the exception of Statutory Sick Pay, statutory payments may<br /> be payable at 90% average weekly earnings throughout the payment period<br /> in certain circumstances. This applies where 90% weekly earnings<br /> are less than the standard rate of £184.03.</small></p> </section> </div> </section> </div> </section> </div> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section> <div class="selected"> <section> <h3><span class="h5">Statutory pay</span></h3> <ul> <li>Payments may be required from an employer if an employee is not at work for a variety of reasons.</li> <li>There are detailed conditions for an employee to qualify for any of these statutory payments.</li> <li>Employees are only eligible for a statutory payment if they have sufficient average weekly earnings of at least the lower earnings limit.</li> </ul> <h3><span class="h5">Statutory Sick Pay</span></h3> <ul> <li>Payments may be required from an employer if an employee is too ill to work.</li> <li>SSP is generally payable for a period up to 28 weeks.</li> </ul> <h3><span class="h5">Statutory Maternity Pay</span></h3> <ul> <li>Payments may be required from an employer when an employee takes time off to have a baby.</li> <li>SMP is payable for a period up to 39 weeks.</li> </ul> <h3><span class="h5">Statutory Paternity Pay</span></h3> <ul> <li>Payments may be required from an employer when an employee takes time off during their partner’s Statutory Maternity Pay period.</li> <li>Payment is for a period of either one or two complete weeks.</li> </ul> <h3><span class="h5">Shared Parental Pay</span></h3> <ul> <li>Payments may be required from an employer when an employee takes time off following the curtailment of the period of SMP by the mother.</li> <li>Payment is for up to a maximum of 37 weeks and is dependent on the mother’s unused SMP period.</li> </ul> <h3><span class="h5">Statutory Adoption Pay</span></h3> <ul> <li>Payments may be required from an employer when an employee takes time off when they adopt a child.</li> <li>Payment is for a period up to 39 weeks.</li> </ul> <h3><span class="h5">Statutory Parental Bereavement Pay</span></h3> <ul> <li>Payments may be required from an employer when parents take time off following the death of a child or a stillbirth.</li> <li>Payment is for up to a maximum of two weeks.</li> </ul> <table class="info"> <thead> <tr> <th><span class="h5"><strong> 2023/24 Statutory pay rates – </strong> </span><br /> <span class="h5"><strong> average weekly earnings £120 or over </strong></span></th> <th></th> </tr> </thead> <tbody> <tr> <td>Statutory Sick Pay</td> <td align="center" width="30%">£109.40</td> </tr> <tr> <td>Statutory Maternity Pay</td> <td></td> </tr> <tr> <td>First six weeks</td> <td align="center" width="30%">90% of weekly earnings</td> </tr> <tr> <td>Next 33 weeks</td> <td align="center" width="30%">£172.48</td> </tr> <tr> <td>Statutory Paternity Pay – two weeks</td> <td align="center" width="30%">£172.48</td> </tr> <tr> <td>Statutory Adoption Pay – 39 weeks</td> <td align="center" width="30%"></td> </tr> <tr> <td>First six weeks</td> <td align="center" width="30%">90% of weekly earnings</td> </tr> <tr> <td>Next 33 weeks</td> <td align="center" width="30%">£172.48</td> </tr> <tr> <td>Shared Parental Pay</td> <td align="center" width="30%">£172.48</td> </tr> <tr> <td>Statutory Parental Bereavement Pay – two weeks</td> <td align="center" width="30%">£172.48</td> </tr> </tbody> </table> <p><small>With the exception of Statutory Sick Pay, statutory payments may<br /> be payable at 90% average weekly earnings throughout the payment period<br /> in certain circumstances. This applies where 90% weekly earnings<br /> are less than the standard rate of £172.48.</small></p> </section> </div> </section> </div> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_9"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Income tax allowances <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25" aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <p>A personal allowance gives an individual an annual amount of income free from income tax.</p> <p>Income above the personal allowances is subject to income tax.</p> <p>The personal allowance will be reduced if an individual’s ‘adjusted net income’ is above £100,000. The allowance is reduced by £1 for every £2 of income above £100,000.</p> <p>An individual born before 6 April 1935 may be entitled to a married couple’s allowance but this is reduced if ‘adjusted net income’ is above the married couple’s allowance income limit (see table below).</p> <p>Marriage allowance – 10% of the personal allowance may be transferable between certain spouses where neither pays tax above the basic rate. The Marriage allowance is not available to couples entitled to the Married Couple’s allowance.</p> <table class="info"> <tbody> <tr> <td><strong> Income tax personal allowances </strong></td> <td><strong> £ </strong></td> </tr> <tr> <td><strong> Personal Allowance </strong></td> <td>12,570</td> </tr> <tr> <td><strong> Marriage Allowance </strong></td> <td>1,260</td> </tr> <tr> <td><strong> Blind person’s allowance </strong></td> <td>3,070</td> </tr> <tr> <td><strong> Married couple’s allowance </strong></p> <p>Either partner born before 6 April 1935</td> <td></td> </tr> <tr> <td><strong> – Maximum reduction in tax bill </strong></td> <td>1108</td> </tr> <tr> <td><strong> – Minimum reduction in tax bill </strong></td> <td>428</td> </tr> <tr> <td><strong> Married couple’s allowance income limit </strong></p> <p>Reduce married couple’s allowance by £1 for every £2 of ‘adjusted net income’ above this limit</td> <td>37,000</td> </tr> </tbody> </table> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <p>A personal allowance gives an individual an annual amount of income free from income tax.</p> <p>Income above the personal allowances is subject to income tax.</p> <p>The personal allowance will be reduced if an individual’s ‘adjusted net income’ is above £100,000. The allowance is reduced by £1 for every £2 of income above £100,000.</p> <p>An individual born before 6 April 1935 may be entitled to a married couple’s allowance but this is reduced if ‘adjusted net income’ is above the married couple’s allowance income limit (see table below).</p> <p>Marriage allowance – 10% of the personal allowance may be transferable between certain spouses where neither pays tax above the basic rate. The Marriage allowance is not available to couples entitled to the Married Couple’s allowance.</p> <table class="info"> <tbody> <tr> <td><strong> Income tax personal allowances </strong></td> <td><strong> £ </strong></td> </tr> <tr> <td><strong> Personal Allowance </strong></td> <td>12,570</td> </tr> <tr> <td><strong> Marriage Allowance </strong></td> <td>1,260</td> </tr> <tr> <td><strong> Blind person’s allowance </strong></td> <td>2,870</td> </tr> <tr> <td><strong> Married couple’s allowance </strong></p> <p>Either partner born before 6 April 1935</td> <td></td> </tr> <tr> <td><strong> – Maximum reduction in tax bill </strong></td> <td>1037.50</td> </tr> <tr> <td><strong> – Minimum reduction in tax bill </strong></td> <td>401</td> </tr> <tr> <td><strong> Married couple’s allowance income limit </strong></p> <p>Reduce married couple’s allowance by £1 for every £2 of ‘adjusted net income’ above this limit</td> <td>34,600</td> </tr> </tbody> </table> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_10"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Income tax rates - across the UK <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2023/24 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2022/23 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>Income tax applies to the amount of income after deduction of personal allowances.</li> <li>Income is taxed in a specific order with savings and dividend income taxed last.</li> <li>Dividend income and savings income falling within the dividend and savings allowances still form part of total income of an individual.</li> <li>The starting rate band is only applicable to savings income. The 0% rate is not available if the taxable amount of non-savings income exceeds the starting rate band.</li> <li>The Scottish Parliament set the rates of income tax and the limits at which these rates apply for Scottish residents on non-savings and non-dividend income.</li> <li>Income tax is devolved to Wales on non-savings and non-dividend income.</li> </ul> <h3><span class="h5">Income tax rates</span></h3> <table class="info"> <thead> <tr> <th colspan="2" align="center"><strong><span class="h5"> Band of taxable income</span> </strong></th> <th align="center" width="10%"><strong><span class="h5"> Rate</span> </strong></th> <th align="center" width="20%"><span class="h5"><strong> Rate if dividends </strong></span></th> </tr> </thead> <tbody> <tr class="subhead-row"> <td align="center" width="35%">£</td> <td align="center"></td> <td align="center" width="10%">%</td> <td align="center" width="20%">%</td> </tr> <tr> <td align="center" width="35%">0 – 37,700</td> <td align="center">Basic rate</td> <td align="center" width="10%">20</td> <td align="center" width="20%">8.75</td> </tr> <tr> <td align="center" width="35%">37,701 – 125,140</td> <td align="center">Higher rate</td> <td align="center" width="10%">40</td> <td align="center" width="20%">33.75</td> </tr> <tr> <td align="center" width="35%">Over 125,140</td> <td align="center">Additional rate</td> <td align="center" width="10%">45</td> <td align="center" width="20%">39.35</td> </tr> <tr class="subhead-row"> <td colspan="4" align="left" width="35%"><strong> Special rates for savings and dividend income falling into above bands of taxable income </strong></td> </tr> <tr> <td colspan="4" align="left" width="35%"><strong> Savings Allowance </strong></td> </tr> <tr> <td align="left" width="35%">Basic rate taxpayers</td> <td align="center">1,000</td> <td align="center" width="10%">0</td> <td align="center" width="20%"></td> </tr> <tr> <td align="left" width="35%">Higher rate taxpayers</td> <td align="center">500</td> <td align="center" width="10%">0</td> <td align="center" width="20%"></td> </tr> <tr> <td align="left" width="35%">Additional rate taxpayers</td> <td align="center">Nil</td> <td align="center" width="10%">N/A</td> <td align="center" width="20%"></td> </tr> <tr> <td colspan="4" align="left" width="35%"><strong> Dividend Allowance </strong></td> </tr> <tr> <td align="left" width="35%">for all taxpayers</td> <td align="center">500</td> <td align="center" width="10%"></td> <td align="center" width="20%">0</td> </tr> </tbody> </table> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label=" 2022/23 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2022/23 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>Income tax applies to the amount of income after deduction of personal allowances.</li> <li>Income is taxed in a specific order with savings and dividend income taxed last.</li> <li>Dividend income and savings income falling within the dividend and savings allowances still form part of total income of an individual.</li> <li>The starting rate band is only applicable to savings income. The 0% rate is not available if the taxable amount of non-savings income exceeds the starting rate band.</li> <li>The Scottish Parliament set the rates of income tax and the limits at which these rates apply for Scottish residents on non-savings and non-dividend income.</li> <li>Income tax is devolved to Wales on non-savings and non-dividend income.</li> </ul> <h3><span class="h5">Income tax rates</span></h3> <table class="info"> <thead> <tr> <th colspan="2" align="center"><strong><span class="h5"> Band of taxable income</span> </strong></th> <th align="center" width="10%"><strong><span class="h5"> Rate</span> </strong></th> <th align="center" width="20%"><span class="h5"><strong> Rate if dividends </strong></span></th> </tr> </thead> <tbody> <tr class="subhead-row"> <td align="center" width="35%">£</td> <td align="center"></td> <td align="center" width="10%">%</td> <td align="center" width="20%">%</td> </tr> <tr> <td align="center" width="35%">0 – 37,700</td> <td align="center">Basic rate</td> <td align="center" width="10%">20</td> <td align="center" width="20%">8.75</td> </tr> <tr> <td align="center" width="35%">37,701 – 125,140</td> <td align="center">Higher rate</td> <td align="center" width="10%">40</td> <td align="center" width="20%">33.75</td> </tr> <tr> <td align="center" width="35%">Over 125,140</td> <td align="center">Additional rate</td> <td align="center" width="10%">45</td> <td align="center" width="20%">39.35</td> </tr> <tr class="subhead-row"> <td colspan="4" align="left" width="35%"><strong> Special rates for savings and dividend income falling into above bands of taxable income </strong></td> </tr> <tr> <td colspan="4" align="left" width="35%"><strong> Savings Allowance </strong></td> </tr> <tr> <td align="left" width="35%">Basic rate taxpayers</td> <td align="center">1,000</td> <td align="center" width="10%">0</td> <td align="center" width="20%"></td> </tr> <tr> <td align="left" width="35%">Higher rate taxpayers</td> <td align="center">500</td> <td align="center" width="10%">0</td> <td align="center" width="20%"></td> </tr> <tr> <td align="left" width="35%">Additional rate taxpayers</td> <td align="center">Nil</td> <td align="center" width="10%">N/A</td> <td align="center" width="20%"></td> </tr> <tr> <td colspan="4" align="left" width="35%"><strong> Dividend Allowance </strong></td> </tr> <tr> <td align="left" width="35%">for all taxpayers</td> <td align="center">1,000</td> <td align="center" width="10%"></td> <td align="center" width="20%">0</td> </tr> </tbody> </table> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_11"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Income tax rates - Scotland <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>Scottish resident taxpayers are liable on non-savings and non-dividend income as set out below.</li> <li>Savings income and dividend income are taxed using UK tax rates and bands.</li> </ul> <table class="info"> <thead> <tr> <th colspan="2" align="center"><strong><span class="h5"> Band of taxable income</span> </strong></th> <th align="center" width="10%"><span class="h5"><strong> Rate </strong></span></th> </tr> </thead> <tbody> <tr class="subhead-row"> <td align="center" width="35%">£</td> <td align="center"></td> <td align="center" width="10%">%</td> </tr> <tr> <td align="center" width="35%">0 – 2,306</td> <td align="center">Starter rate</td> <td align="center" width="10%">19</td> </tr> <tr> <td align="center" width="35%">2,307 – 13,991</td> <td align="center">Basic rate</td> <td align="center" width="10%">20</td> </tr> <tr> <td align="center" width="35%">13,992 – 31,092</td> <td align="center">Intermediate rate</td> <td align="center" width="10%">21</td> </tr> <tr> <td align="center" width="35%">31,093 – 62,430</td> <td align="center">Higher rate</td> <td align="center" width="10%">42</td> </tr> <tr> <td align="center" width="35%">62,431 – 125,140</td> <td align="center">Advanced rate</td> <td align="center" width="10%">45</td> </tr> <tr> <td align="center" width="35%">Over 125,140</td> <td align="center">Top rate</td> <td align="center" width="10%">48</td> </tr> </tbody> </table> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>Scottish resident taxpayers are liable on non-savings and non-dividend income as set out below.</li> <li>Savings income and dividend income are taxed using UK tax rates and bands.</li> </ul> <table class="info"> <thead> <tr> <th colspan="2" align="center"><strong><span class="h5"> Band of taxable income</span> </strong></th> <th align="center" width="10%"><span class="h5"><strong> Rate </strong></span></th> </tr> </thead> <tbody> <tr class="subhead-row"> <td align="center" width="35%">£</td> <td align="center"></td> <td align="center" width="10%">%</td> </tr> <tr> <td align="center" width="35%">0 – 2,162</td> <td align="center">Starter rate</td> <td align="center" width="10%">19</td> </tr> <tr> <td align="center" width="35%">2,163 – 13,118</td> <td align="center">Basic rate</td> <td align="center" width="10%">20</td> </tr> <tr> <td align="center" width="35%">13,119 – 31,092</td> <td align="center">Intermediate rate</td> <td align="center" width="10%">21</td> </tr> <tr> <td align="center" width="35%">31,093 – 125,140</td> <td align="center">Higher rate</td> <td align="center" width="10%">42</td> </tr> <tr> <td align="center" width="35%">Over 125,140</td> <td align="center">Top rate</td> <td align="center" width="10%">47</td> </tr> </tbody> </table> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_12"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Income tax rates - Wales <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25" aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>Income tax is devolved to Wales.</li> <li>Welsh resident taxpayers continue to pay the same overall income tax rates using the UK rates and bands.</li> <li>The total rate of income tax = UK income tax + Welsh rate of income tax</li> <li>Savings income and dividend income are taxed using UK tax rates and bands.</li> </ul> <table class="info"> <thead> <tr> <th colspan="2" align="center"><strong><span class="h5"> Band of taxable income</span> </strong></th> <th align="center" width="10%"><strong><span class="h5"> UK Rate</span> </strong></th> <th align="center" width="10%"><span class="h5"><strong> Welsh Rate </strong></span></th> <th align="center" width="10%"><span class="h5"><strong> Total Rate </strong></span></th> </tr> </thead> <tbody> <tr class="subhead-row"> <td align="center" width="35%">£</td> <td align="center"></td> <td align="center" width="10%">%</td> <td align="center" width="10%">%</td> <td align="center" width="10%">%</td> </tr> <tr> <td align="center" width="35%">0 – 37,700</td> <td align="center">Basic rate</td> <td align="center" width="10%">10</td> <td align="center" width="10%">10</td> <td align="center" width="10%">20</td> </tr> <tr> <td align="center" width="35%">37,701 – 125,140</td> <td align="center">Higher rate</td> <td align="center" width="10%">30</td> <td align="center" width="10%">10</td> <td align="center" width="10%">40</td> </tr> <tr> <td align="center" width="35%">Over 125,140</td> <td align="center">Additional rate</td> <td align="center" width="10%">35</td> <td align="center" width="10%">10</td> <td align="center" width="10%">45</td> </tr> </tbody> </table> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>Income tax is devolved to Wales.</li> <li>Welsh resident taxpayers continue to pay the same overall income tax rates using the UK rates and bands.</li> <li>The total rate of income tax = UK income tax + Welsh rate of income tax</li> <li>Savings income and dividend income are taxed using UK tax rates and bands.</li> </ul> <table class="info"> <thead> <tr> <th colspan="2" align="center"><strong><span class="h5"> Band of taxable income</span> </strong></th> <th align="center" width="10%"><span class="h5"><strong> UK Rate </strong></span></th> <th align="center" width="10%"><span class="h5"><strong> Welsh Rate </strong></span></th> <th align="center" width="10%"><strong><span class="h5"> Total Rate</span> </strong></th> </tr> </thead> <tbody> <tr class="subhead-row"> <td align="center" width="35%">£</td> <td align="center"></td> <td align="center" width="10%">%</td> <td align="center" width="10%">%</td> <td align="center" width="10%">%</td> </tr> <tr> <td align="center" width="35%">0 – 37,700</td> <td align="center">Basic rate</td> <td align="center" width="10%">10</td> <td align="center" width="10%">10</td> <td align="center" width="10%">20</td> </tr> <tr> <td align="center" width="35%">37,701 – 150,000</td> <td align="center">Higher rate</td> <td align="center" width="10%">30</td> <td align="center" width="10%">10</td> <td align="center" width="10%">40</td> </tr> <tr> <td align="center" width="35%">Over 150,000</td> <td align="center">Additional rate</td> <td align="center" width="10%">35</td> <td align="center" width="10%">10</td> <td align="center" width="10%">45</td> </tr> </tbody> </table> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_13"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Individual Savings Account (ISA) <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25" aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <p>The income from ISA investments is exempt from income tax. Any capital gains made on investments held in an ISA are exempt from capital gains tax.</p> <p>Savers are able to subscribe any amounts into a cash ISA, a stocks and shares ISA or an innovative finance ISA subject to not exceeding the overall annual investment limit.</p> <p>Investors may transfer their investments from one kind of ISA to another.</p> <p>The Lifetime ISA is available for those aged between 18 and 40. Save up to £4,000 each year up until the age of 50, and receive a government bonus of 25% (a bonus of up to £1,000 a year). Savers can use some or all of the money to buy their first home, or keep it until they are aged 60 when the account can be accessed tax free. Conditions apply to the account holder and property purchased. Penalties apply if funds are withdrawn in other circumstances.</p> <p>A Help to Buy ISA provides a tax free savings account for first time buyers wishing to save for a home. The scheme provides a government bonus to each person who has saved into a Help to Buy ISA at the point they use their savings to purchase their first home. For every £200 a first time buyer saves, the government will provide a £50 bonus up to a maximum bonus of £3,000 on £12,000 of savings. The bonus will be paid in the form of a voucher when the first home is purchased. Conditions apply to the account holder and to the property purchased. Help to Buy ISAs closed to new savers on 30 November 2019. Existing holders can continue saving until 30 November 2029 and will have until 1 December 2030 to claim their bonus.</p> <table class="info"> <thead> <tr> <th><strong><span class="h5"> ISA limits 2024/25</span> </strong></th> <th></th> </tr> </thead> <tbody> <tr> <td>Overall annual investment limit</td> <td align="center" width="30%">£20,000</td> </tr> <tr> <td>Junior ISA annual investment limit</td> <td align="center" width="30%">£9,000</td> </tr> <tr> <td>Help to Buy ISA monthly subscription limit</td> <td align="center" width="30%">£200</td> </tr> <tr> <td>Lifetime ISA annual investment limit</td> <td align="center" width="30%">£4,000</td> </tr> </tbody> </table> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>The income from ISA investments is exempt from income tax. Any capital gains made on investments held in an ISA are exempt from capital gains tax.Savers are able to subscribe any amounts into a cash ISA, a stocks and shares ISA or an innovative finance ISA subject to not exceeding the overall annual investment limit.Investors may transfer their investments from one kind of ISA to another.The Lifetime ISA is available for those aged between 18 and 40. Save up to £4,000 each year up until the age of 50, and receive a government bonus of 25% (a bonus of up to £1,000 a year). Savers can use some or all of the money to buy their first home, or keep it until they are aged 60 when the account can be accessed tax free. Conditions apply to the account holder and property purchased. Penalties apply if funds are withdrawn in other circumstances.A Help to Buy ISA provides a tax free savings account for first time buyers wishing to save for a home. The scheme provides a government bonus to each person who has saved into a Help to Buy ISA at the point they use their savings to purchase their first home. For every £200 a first time buyer saves, the government will provide a £50 bonus up to a maximum bonus of £3,000 on £12,000 of savings. The bonus will be paid in the form of a voucher when the first home is purchased. Conditions apply to the account holder and to the property purchased. Help to Buy ISAs closed to new savers on 30 November 2019. Existing holders can continue saving until 30 November 2029 and will have until 1 December 2030 to claim their bonus.<br /> <table class="info"> <thead> <tr> <th><span class="h5"><strong> ISA limits 2023/24 </strong></span></th> <th></th> </tr> </thead> <tbody> <tr> <td>Overall annual investment limit</td> <td align="center" width="30%">£20,000</td> </tr> <tr> <td>Junior ISA annual investment limit</td> <td align="center" width="30%">£9,000</td> </tr> <tr> <td>Help to Buy ISA monthly subscription limit</td> <td align="center" width="30%">£200</td> </tr> <tr> <td>Lifetime ISA annual investment limit</td> <td align="center" width="30%">£4,000</td> </tr> </tbody> </table> </li> </ul> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_14"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Inheritance tax (IHT) <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>IHT may be payable when an individual’s estate is worth more than the IHT nil rate band when they die.</li> <li>Lifetime and death transfers between UK domiciled spouses are exempt from IHT.</li> <li>A further nil rate band of £175,000 may be available in relation to current or former residences.</li> <li>The IHT threshold available on death may be increased for surviving spouses as there may have been a nil rate band not used, or not fully used, on the first death.</li> <li>There are reliefs for some business and farming assets which reduce their value for IHT purposes.</li> <li>IHT may also be payable on gifts made in an individual’s lifetime but within seven years of death.</li> <li>Some lifetime gifts are exempt.</li> <li>Transfers of assets into trust made in an individual’s lifetime may be subject to an immediate charge but at lifetime rates.</li> <li>There are also charges on some trusts.</li> </ul> <h3><span class="h5">IHT rates and nil rate band 2024/25 and 2023/24</span></h3> <table class="info"> <tbody> <tr> <td width="70%">IHT nil rate</td> <td align="center" width="30%">£325,000</td> </tr> <tr> <td width="70%">Lifetime rate</td> <td align="center" width="30%">20%</td> </tr> <tr> <td width="70%">Death rate</td> <td align="center" width="30%">40%</td> </tr> <tr> <td width="70%">Death rate if sufficient charitable legacies made</td> <td align="center" width="30%">36%</td> </tr> </tbody> </table> <h3><span class="h5">IHT reliefs for lifetime gifts</span></h3> <table class="info" border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td width="70%"><strong> Annual exemption </strong></td> <td align="center" width="30%">£3,000</td> </tr> <tr> <td width="70%"><strong> Small gifts </strong></td> <td align="center" width="30%">£250</td> </tr> <tr> <td><strong> Marriage/civil partnership </strong></td> <td></td> </tr> <tr> <td width="70%">– parent</td> <td align="center" width="30%">£5,000</td> </tr> <tr> <td width="70%">– grandparent</td> <td align="center" width="30%">£2,500</td> </tr> <tr> <td width="70%">– other spouse/civil partner</td> <td align="center" width="30%">£2,500</td> </tr> <tr> <td width="70%">– other</td> <td align="center" width="30%">£1,000</td> </tr> </tbody> </table> <h3><span class="h5">IHT – reduced charge on gifts within seven years of death</span></h3> <table class="info" border="0" width="100%" cellspacing="0" cellpadding="0"> <thead> <tr> <th align="center" width="50%"><strong><span class="h5"> Years before death</span> </strong></th> <th align="center" width="50%"><strong><span class="h5"> % of death charge</span> </strong></th> </tr> </thead> <tbody> <tr> <td align="center" width="50%">0-3</td> <td align="center" width="50%">100</td> </tr> <tr> <td align="center" width="50%">3-4</td> <td align="center" width="50%">80</td> </tr> <tr> <td align="center" width="50%">4-5</td> <td align="center" width="50%">60</td> </tr> <tr> <td align="center" width="50%">5-6</td> <td align="center" width="50%">40</td> </tr> <tr> <td align="center" width="50%">6-7</td> <td align="center" width="50%">20</td> </tr> </tbody> </table> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_15"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Land and Buildings Transaction Tax <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25" aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section>Land and Buildings Transaction Tax (LBTT) is payable on land and property transactions in Scotland.</p> <h3><span class="h5">LBTT (Residential property)</span></h3> <table class="info"> <thead> <tr class="subhead-row"> <th align="center" width="50%"><span class="h5">Consideration (£)</span></th> <th align="center" width="50%"><span class="h5">Rate</span></th> </tr> </thead> <tbody> <tr> <td align="center" width="50%">0 – 145,000</td> <td align="center">0%</td> </tr> <tr> <td align="center" width="50%">145,001 – 250,000</td> <td align="center">2%</td> </tr> <tr> <td align="center" width="50%">250,001 – 325,000</td> <td align="center">5%</td> </tr> <tr> <td align="center" width="50%">325,001 – 750,000</td> <td align="center">10%</td> </tr> <tr> <td align="center" width="50%">750,001 and above</td> <td align="center">12%</td> </tr> </tbody> </table> <p>The rates apply to the portion of the total value which falls within each band.</p> <p>Residential rates may be increased by 6% where further residential properties, costing over £40,000, are acquired.</p> <p>First-time Buyer relief raises the zero rate tax threshold for first-time buyers from £145,000 to £175,000.</p> <h3><span class="h5">LBTT (Non-residential)</span></h3> <table class="info" border="0" width="100%" cellspacing="0" cellpadding="0"> <thead> <tr class="subhead-row"> <th align="center" width="50%"><span class="h5">Consideration (£)</span></th> <th align="center" width="50%"><span class="h5">Rate</span></th> </tr> </thead> <tbody> <tr> <td align="center" width="50%">0 – 150,000</td> <td align="center">0%</td> </tr> <tr> <td align="center" width="50%">150,001 – 250,000</td> <td align="center">1%</td> </tr> <tr> <td align="center" width="50%">Over 250,000</td> <td align="center">5%</td> </tr> </tbody> </table> <p>The rates apply to the portion of the total value which falls within each band.</p> </section> </div> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section>Land and Buildings Transaction Tax (LBTT) is payable on land and property transactions in Scotland.</p> <h3><span class="h5">LBTT (Residential property)</span></h3> <table class="info"> <thead> <tr class="subhead-row"> <th align="center" width="50%"><span class="h5">Consideration (£)</span></th> <th align="center" width="50%"><span class="h5">Rate</span></th> </tr> </thead> <tbody> <tr> <td align="center" width="50%">0 – 145,000</td> <td align="center">0%</td> </tr> <tr> <td align="center" width="50%">145,001 – 250,000</td> <td align="center">2%</td> </tr> <tr> <td align="center" width="50%">250,001 – 325,000</td> <td align="center">5%</td> </tr> <tr> <td align="center" width="50%">325,001 – 750,000</td> <td align="center">10%</td> </tr> <tr> <td align="center" width="50%">750,001 and above</td> <td align="center">12%</td> </tr> </tbody> </table> <p>The rates apply to the portion of the total value which falls within each band.</p> <p>Residential rates may be increased by 4% where further residential properties, costing over £40,000, are acquired.</p> <p>First-time Buyer relief raises the zero rate tax threshold for first-time buyers from £145,000 to £175,000.</p> <h3><span class="h5">LBTT (Non-residential)</span></h3> <table class="info" border="0" width="100%" cellspacing="0" cellpadding="0"> <thead> <tr class="subhead-row"> <th align="center" width="50%"><span class="h5">Consideration (£)</span></th> <th align="center" width="50%"><span class="h5">Rate</span></th> </tr> </thead> <tbody> <tr> <td align="center" width="50%">0 – 150,000</td> <td align="center">0%</td> </tr> <tr> <td align="center" width="50%">150,001 – 250,000</td> <td align="center">1%</td> </tr> <tr> <td align="center" width="50%">Over 250,000</td> <td align="center">5%</td> </tr> </tbody> </table> <p>The rates apply to the portion of the total value which falls within each band.</p> </section> </div> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_16"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Land Transaction Tax <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25" aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section>Land Transaction Tax (LTT) is payable on land and property transactions in Wales.</p> <h3><span class="h5">LTT (Residential property)</span></h3> <table class="info"> <thead> <tr class="subhead-row"> <th align="center" width="50%"><span class="h5">Consideration (£)</span></th> <th align="center" width="50%"><span class="h5">Rate</span></th> </tr> </thead> <tbody> <tr> <td align="center" width="50%">0 – 225,000</td> <td align="center">0%</td> </tr> <tr> <td align="center" width="50%">225,001 – 400,000</td> <td align="center">6%</td> </tr> <tr> <td align="center" width="50%">400,001 – 750,000</td> <td align="center">7.5%</td> </tr> <tr> <td align="center" width="50%">750,001 – 1,500,000</td> <td align="center">10%</td> </tr> <tr> <td align="center" width="50%">Over 1,500,000</td> <td align="center">12%</td> </tr> </tbody> </table> <p>The rates apply to the portion of the total value which falls within each band.</p> <p>Residential rates may be increased where further residential properties costing over £40,000 or over are acquired.</p> <h3><span class="h5">Higher residential tax rates</span></h3> <p>Higher residential rates may apply when you already own one or more residential properties.</p> <table class="info"> <thead> <tr class="subhead-row"> <th align="center" width="50%"><span class="h5">Consideration (£)</span></th> <th align="center" width="50%"><span class="h5">Rate</span></th> </tr> </thead> <tbody> <tr> <td align="center" width="50%">0 – 180,000</td> <td align="center">4%</td> </tr> <tr> <td align="center" width="50%">180,001 – 250,000</td> <td align="center">7.5%</td> </tr> <tr> <td align="center" width="50%">250,001 – 400,000</td> <td align="center">9%</td> </tr> <tr> <td align="center" width="50%">400,001 – 750,000</td> <td align="center">11.5%</td> </tr> <tr> <td align="center" width="50%">750,001 – 1,500,000</td> <td align="center">14%</td> </tr> <tr> <td align="center" width="50%">Over 1,500,000</td> <td align="center">16%</td> </tr> </tbody> </table> <p>The rates apply to the portion of the total value which falls within each band.</p> <h3><span class="h5">LTT (Non-residential)</span></h3> <table class="info" border="0" width="100%" cellspacing="0" cellpadding="0"> <thead> <tr class="subhead-row"> <th align="center" width="50%"><span class="h5">Consideration (£)</span></th> <th align="center" width="50%"><span class="h5">Rate</span></th> </tr> </thead> <tbody> <tr> <td align="center" width="50%">0 – 225,000</td> <td align="center">0%</td> </tr> <tr> <td align="center" width="50%">225,001 – 250,000</td> <td align="center">1%</td> </tr> <tr> <td align="center" width="50%">250,001 – 1,000,000</td> <td align="center">5%</td> </tr> <tr> <td align="center" width="50%">Over 1,000,000</td> <td align="center">6%</td> </tr> </tbody> </table> <p>The rates apply to the portion of the total value which falls within each band.</p> </section> </div> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section>Land Transaction Tax (LTT) is payable on land and property transactions in Wales.</p> <h3><span class="h5">LTT (Residential property)</span></h3> <table class="info"> <thead> <tr class="subhead-row"> <th align="center" width="50%"><span class="h5">Consideration (£)</span></th> <th align="center" width="50%"><span class="h5">Rate</span></th> </tr> </thead> <tbody> <tr> <td align="center" width="50%">0 – 225,000</td> <td align="center">0%</td> </tr> <tr> <td align="center" width="50%">225,001 – 400,000</td> <td align="center">6%</td> </tr> <tr> <td align="center" width="50%">400,001 – 750,000</td> <td align="center">7.5%</td> </tr> <tr> <td align="center" width="50%">750,001 – 1,500,000</td> <td align="center">10%</td> </tr> <tr> <td align="center" width="50%">Over 1,500,000</td> <td align="center">12%</td> </tr> </tbody> </table> <p>The rates apply to the portion of the total value which falls within each band.</p> <p>Residential rates may be increased where further residential properties costing over £40,000 or over are acquired.</p> <h3><span class="h5">Higher residential tax rates</span></h3> <p>Higher residential rates may apply when you already own one or more residential properties.</p> <table class="info"> <thead> <tr class="subhead-row" style="height: 32px;"> <th style="height: 32px;" align="center" width="50%"><span class="h5">Consideration (£)</span></th> <th style="height: 32px;" align="center" width="50%"><span class="h5">Rate</span></th> </tr> </thead> <tbody> <tr style="height: 27px;"> <td style="height: 27px;" align="center" width="50%">0 – 180,000</td> <td style="height: 27px;" align="center">4%</td> </tr> <tr style="height: 27px;"> <td style="height: 27px;" align="center" width="50%">180,001 – 250,000</td> <td style="height: 27px;" align="center">7.5%</td> </tr> <tr style="height: 27px;"> <td style="height: 27px;" align="center" width="50%">250,001 – 400,000</td> <td style="height: 27px;" align="center">9%</td> </tr> <tr style="height: 27px;"> <td style="height: 27px;" align="center" width="50%">400,001 – 750,000</td> <td style="height: 27px;" align="center">11.5%</td> </tr> <tr style="height: 27px;"> <td style="height: 27px;" align="center" width="50%">750,001 – 1,500,000</td> <td style="height: 27px;" align="center">14%</td> </tr> <tr style="height: 27px;"> <td style="height: 27px;" align="center" width="50%">Over 1,500,000</td> <td style="height: 27px;" align="center">16%</td> </tr> </tbody> </table> <p>The rates apply to the portion of the total value which falls within each band.</p> <h3><span class="h5">LTT (Non-residential)</span></h3> <table class="info" border="0" width="100%" cellspacing="0" cellpadding="0"> <thead> <tr class="subhead-row"> <th align="center" width="50%"><span class="h5">Consideration (£)</span></th> <th align="center" width="50%"><span class="h5">Rate</span></th> </tr> </thead> <tbody> <tr> <td align="center" width="50%">0 – 225,000</td> <td align="center">0%</td> </tr> <tr> <td align="center" width="50%">225,001 – 250,000</td> <td align="center">1%</td> </tr> <tr> <td align="center" width="50%">250,001 – 1,000,000</td> <td align="center">5%</td> </tr> <tr> <td align="center" width="50%">Over 1,000,000</td> <td align="center">6%</td> </tr> </tbody> </table> <p>The rates apply to the portion of the total value which falls within each band.</p> </section> </div> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_17"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Mileage Allowance Payments (MAPs) for employees <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li> <ul> <li>MAPs represent the maximum tax free mileage allowances an employee can receive from their employer for using their own vehicle for business journeys.</li> <li>An employer is allowed to pay an employee a certain amount of MAPs each year without having to report payments to HMRC.</li> <li>If the employee receives less than the statutory rate, tax relief can be claimed on the difference.</li> </ul> <h3><span class="h5">MAP rates per business mile 2024/25 and 2023/24</span></h3> <table class="info"> <tbody> <tr> <th width="60%"><strong><span class="h5"> Cars and vans</span> </strong></th> <th align="center" width="40%"><span class="h5"><strong> Rate per mile </strong></span></th> </tr> <tr> <td width="60%">Up to 10,000 miles</td> <td align="center" width="40%">45p</td> </tr> <tr> <td width="60%">Over 10,000 miles</td> <td align="center" width="40%">25p</td> </tr> <tr> <td width="60%"><strong> Bicycles </strong></td> <td align="center" width="40%">20p</td> </tr> <tr> <td width="60%"><strong> Motorcycles </strong></td> <td align="center" width="40%">24p</td> </tr> </tbody> </table> </li> </ul> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_18"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Minimum Wage <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25" aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>National Minimum Wage rates apply to employees up to the age of 20.</li> <li>National Living Wage (NLW) rates apply to employees 21 and over.</li> <li>The Apprentice rate applies to apprentices under 19, or 19 and over in the first year of apprenticeship.</li> <li>Penalties apply to employers who fail to pay minimum wages.</li> </ul> <table class="info"> <tbody> <tr> <th><span class="h5">Age</span></th> <th><span class="h5">NLW</span></th> <th><span class="h5">18-20</span></th> <th><span class="h5">16-17</span></th> <th><span class="h5">Apprentice</span></th> </tr> <tr> <td>From 1 April 2024</td> <td>£11.44</td> <td>£8.60</td> <td>£6.40</td> <td>£6.40</td> </tr> </tbody> </table> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>National Minimum Wage rates apply to employees up to the age of 22.</li> <li>National Living Wage (NLW) rates apply to employees 23 and over.</li> <li>The Apprentice rate applies to apprentices under 19, or 19 and over in the first year of apprenticeship.</li> <li>Penalties apply to employers who fail to pay minimum wages.</li> </ul> <table class="info"> <tbody> <tr> <th><span class="h5">Age</span></th> <th><span class="h5">NLW</span></th> <th><span class="h5">21-22</span></th> <th><span class="h5">18-20</span></th> <th><span class="h5">16-17</span></th> <th><span class="h5">Apprentice</span></th> </tr> <tr> <td>From 1 April 2023</td> <td>£10.42</td> <td>£10.18</td> <td>£7.49</td> <td>£5.28</td> <td>£5.28</td> </tr> </tbody> </table> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_19"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> National Insurance contributions (NIC) - rates and allowances <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section> <ul> <li>Employees start paying Class 1 NIC from age 16 (if sufficient earnings).</li> <li>Employers pay Class 1 NIC in accordance with the table below.</li> <li>Employer NIC for employees under the age of 21 and apprentices under the age of 25 is reduced from the normal rate to 0% up to the Upper Secondary Threshold of £967 per week. Also applies to veterans in the first 12 months of employment.</li> <li>Employees’ Class 1 NIC stop when they reach their <a href="https://live-mer-wp.pantheonsite.io/definition/state-pension-age/">State Pension age</a>. The employer’s contribution continues.</li> </ul> <h3><span class="h5">Employees – Class 1 – 2024/25</span></h3> <table class="info"> <thead> <tr> <th><span class="h5"><strong> Earnings per week </strong></span></th> <th align="center"><span class="h5"><strong> % </strong></span></th> </tr> </thead> <tbody> <tr> <td>Up to £242*</td> <td align="center">Nil</td> </tr> <tr> <td>£242.01 – £967</td> <td align="center">8</td> </tr> <tr> <td>Over £967</td> <td align="center">2</td> </tr> </tbody> </table> <p>Entitlement to state pension and other <a href="https://live-mer-wp.pantheonsite.io/definition/contribution-based-benefits/">contribution-based benefits</a> is retained for earnings between £123 and £242 per week.</p> <h3><span class="h5">Employers – Class 1 – 2024/25</span></h3> <table class="info"> <thead> <tr> <th> <h5><strong> Earnings per week </strong></h5> </th> <th align="center"><span class="h5"><strong>%</strong></span></th> </tr> </thead> <tbody> <tr> <td>Up to £175</td> <td align="center">Nil</td> </tr> <tr> <td>Over £175</td> <td align="center">13.80</td> </tr> </tbody> </table> <h3><span class="h5">Other National Insurance payable by employers</span></h3> <p><strong> Class 1A </strong> – 13.8% on broadly all taxable benefits provided to employees and on certain taxable termination payments in excess of £30,000</p> <p><strong> Class 1B </strong> – 13.8% on taxable PAYE Settlement Agreements</p> <h3><span class="h5">Self-employed – Class 2 and 4</span></h3> <ul> <li>A self-employed person starts paying Class 2 and Class 4 NIC from 16 or over (if sufficient profits)</li> <li>Class 2 NIC stop when a person reaches State Pension age.</li> <li>From 6 April 2024, there is no longer a requirement to pay Class 2. Voluntary contributions can still be made.</li> <li>Class 4 NIC stop from the start of the tax year after the one in which the person reaches State Pension age.</li> </ul> <h3><span class="h5">Self-employed – Class 2 – 2024/25</span></h3> <table class="info"> <tbody> <tr> <td>Flat rate per week</td> <td align="center" width="30%">£3.45</td> </tr> <tr> <td>Small Profits Threshold</td> <td align="center" width="30%">£6,725 per year</td> </tr> <tr> <td>Lower Profits Limit</td> <td align="center" width="30%">n/a</td> </tr> </tbody> </table> <p>A self-employed person with profits below the Small Profits Threshold might decide to carry on paying Class 2 voluntarily to accrue entitlement to the State Pension and other benefits.</p> <h3><span class="h5">Class 4 – 2024/25</span></h3> <table class="info"> <thead> <tr> <th><strong><span class="h5">Annual profits </span></strong></th> <th align="center" width="30%"><span class="h5"><strong> % </strong></span></th> </tr> </thead> <tbody> <tr> <td>Up to £12,570</td> <td align="center" width="30%">Nil</td> </tr> <tr> <td>£12,570.01 – £50,270</td> <td align="center" width="30%">6</td> </tr> <tr> <td>Over £50,270</td> <td align="center" width="30%">2</td> </tr> </tbody> </table> <h3><span class="h5">Class 3</span></h3> <ul> <li>A person needs 35 years (30 years if State Pension age is before 6 April 2016) of NIC to get a full State Pension.</li> <li>Class 3 voluntary contributions can be paid to fill or avoid gaps in a NI record.</li> </ul> <h3><span class="h5">Class 3 – 2024/25</span></h3> <p>Flat rate per week £17.45</p> </section> </div> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section> <ul> <li>Employees start paying Class 1 NIC from age 16 (if sufficient earnings).</li> <li>Employers pay Class 1 NIC in accordance with the table below.</li> <li>Employer NIC for employees under the age of 21 and apprentices under the age of 25 is reduced from the normal rate to 0% up to the Upper Secondary Threshold of £967 per week. Also applies to veterans in the first 12 months of employment.</li> <li>Employees’ Class 1 NIC stop when they reach their <a href="https://live-mer-wp.pantheonsite.io/definition/state-pension-age/">State Pension age</a>. The employer’s contribution continues.</li> </ul> <h3><span class="h5">Employees – Class 1 – 2023/24</span></h3> <table class="columns_2"> <thead> <tr> <th><span class="h5"><strong> Earnings per week </strong></span></th> <th align="center"><span class="h5"><strong>%</strong></span></th> </tr> </thead> <tbody> <tr> <td>Up to £242*</td> <td align="center">Nil</td> </tr> <tr> <td>£242.01 – £967</td> <td align="center">12 up to 5 Jan 2024<br /> 10 from 6 Jan 2024</td> </tr> <tr> <td>Over £967</td> <td align="center">2</td> </tr> </tbody> </table> <p>Entitlement to state pension and other <a href="https://live-mer-wp.pantheonsite.io/definition/contribution-based-benefits/"> contribution-based benefits </a> is retained for earnings between £123 and £242 per week.</p> <h3><span class="h5">Employers – Class 1 – 2023/24</span></h3> <table class="columns_2"> <thead> <tr> <th><span class="h5"><strong> Earnings per week </strong></span></th> <th align="center"><span class="h5"><strong>%</strong></span></th> </tr> </thead> <tbody> <tr> <td>Up to £175</td> <td align="center">Nil</td> </tr> <tr> <td>Over £175</td> <td align="center">13.80</td> </tr> </tbody> </table> <h3><span class="h5">Other National Insurance payable by employers</span></h3> <p><strong> Class 1A </strong> – 13.8% on broadly all taxable benefits provided to employees and on certain taxable termination payments in excess of £30,000</p> <p><strong> Class 1B </strong> – 13.8% on taxable PAYE Settlement Agreements</p> <h3><span class="h5">Self-employed – Class 2 and 4</span></h3> <ul> <li>A self-employed person starts paying Class 2 and Class 4 NIC from 16 or over (if sufficient profits)</li> <li>Class 2 NIC stop when a person reaches State Pension age</li> <li>Class 4 NIC stop from the start of the tax year after the one in which the person reaches State Pension age.</li> </ul> <h3><span class="h5">Self-employed – Class 2 – 2022/23</span></h3> <table class="columns_2"> <tbody> <tr> <td>Flat rate per week</td> <td align="center" width="30%">£3.45</td> </tr> <tr> <td>Small Profits Threshold</td> <td align="center" width="30%">£6,725 per year</td> </tr> <tr> <td>Lower Profits Limit</td> <td align="center" width="30%">£12,570</td> </tr> </tbody> </table> <p>For 2023/24 the point at which the self-employed person starts to pay Class 2 NICs is £12,570. This means those with profits between the Small Profits Threshold and the Lower Profits Limit will not pay Class 2 NICs, but will still be able to access entitlement to contributory benefits. A self-employed person with profits below the Small Profits Threshold might decide to carry on paying Class 2 voluntarily to accrue entitlement to the State Pension and other benefits.</p> <h3><span class="h5">Class 4 – 2023/24</span></h3> <table class="columns_2"> <thead> <tr> <th><strong><span class="h5"> Annual profits</span> </strong></th> <th align="center" width="30%"><span class="h5"><strong>%</strong></span></th> </tr> </thead> <tbody> <tr> <td>Up to £12,570</td> <td align="center" width="30%">Nil</td> </tr> <tr> <td>£12,570.01 – £50,270</td> <td align="center" width="30%">9</td> </tr> <tr> <td>Over £50,270</td> <td align="center" width="30%">2</td> </tr> </tbody> </table> <h3><span class="h5">Class 3</span></h3> <ul> <li>A person needs 35 years (30 years if State Pension age is before 6 April 2016) of NIC to get a full State Pension.</li> <li>Class 3 voluntary contributions can be paid to fill or avoid gaps in a NI record.</li> </ul> <h3><span class="h5">Class 3 – 2023/24</span></h3> <p>Flat rate per week £17.45</p> </section> </div> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_20"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Pensions Automatic Enrolment <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <p>Auto enrolment places duties on employers to automatically enrol ‘workers’ into a work based pension scheme. Employers are required to automatically enrol all ‘eligible jobholders’ into a qualifying pension scheme and pay pension contributions on their behalf.</p> <table class="info"> <thead> <tr> <th align="center" width="30%"><strong><span class="h5"> Employer minimum contribution</span> </strong></th> <th align="center" width="30%"><strong><span class="h5"> Total minimum contribution</span> </strong></th> </tr> </thead> <tbody> <tr> <td align="center">3%</td> <td align="center">8%</td> </tr> </tbody> </table> <p>Where the employer does not make the total minimum contribution the employee is obliged to pay the balance.</p> <table class="info"> <thead> <tr> <th></th> <th align="center" width="30%"><strong><span class="h5"> 2024/25</span> </strong></th> </tr> </thead> <tbody> <tr> <td>Automatic enrolment earnings trigger</td> <td align="center" width="30%">£10,000</td> </tr> <tr> <td>Qualifying earnings band – lower limit</td> <td align="center">£6,240</td> </tr> <tr> <td>Qualifying earnings band – upper limit</td> <td align="center" width="30%">£50,270</td> </tr> </tbody> </table> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label="2023/24" aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <p>Auto enrolment places duties on employers to automatically enrol ‘workers’ into a work based pension scheme. Employers are required to automatically enrol all ‘eligible jobholders’ into a qualifying pension scheme and pay pension contributions on their behalf.</p> <table class="info"> <thead> <tr> <th align="center" width="30%"><strong><span class="h5"> Employer minimum contribution</span> </strong></th> <th align="center" width="30%"><strong><span class="h5"> Total minimum contribution</span> </strong></th> </tr> </thead> <tbody> <tr> <td align="center">3%</td> <td align="center">8%</td> </tr> </tbody> </table> <p>Where the employer does not make the total minimum contribution the employee is obliged to pay the balance.</p> <table class="info"> <thead> <tr> <th></th> <th align="center" width="30%"><span class="h5"><strong>2023/24 </strong></span></th> </tr> </thead> <tbody> <tr> <td>Automatic enrolment earnings trigger</td> <td align="center" width="30%">£10,000</td> </tr> <tr> <td>Qualifying earnings band – lower limit</td> <td align="center">£6,240</td> </tr> <tr> <td>Qualifying earnings band – upper limit</td> <td align="center" width="30%">£50,270</td> </tr> </tbody> </table> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_21"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Pensions - tax relief on pension contributions <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2023/24 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2022/23 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section> <ul> <li>Tax relief available for personal contributions is the higher of £3,600 (gross) or 100% of relevant earnings.</li> <li>Any contributions in excess of £60,000, whether personal or by the employer, may be subject to income tax on the individual.</li> <li>The limit may be reduced to £10,000 once money purchase pensions are accessed.</li> <li>Where the £60,000 limit is not fully used it may be possible to carry the unused amount forward for three years.</li> <li>The annual allowance is tapered for those with adjusted income over £260,000. For every £2 of income over £260,000 an individual’s annual allowance will be reduced by £1, down to a minimum of £10,000.</li> <li>Employers will obtain tax relief on employer contributions if they are paid and made ‘wholly and exclusively’ for the purposes of the business. The tax relief for large contributions may be spread over several years.</li> </ul> </section> </div> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label="2022/23 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2022/23 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section> <ul> <li>Tax relief available for personal contributions is the higher of £3,600 (gross) or 100% of relevant earnings.</li> <li>Any contributions in excess of £60,000, whether personal or by the employer, may be subject to income tax on the individual.</li> <li>The limit may be reduced to £10,000 once money purchase pensions are accessed.</li> <li>Where the £60,000 limit is not fully used it may be possible to carry the unused amount forward for three years.</li> <li>The annual allowance is tapered for those with adjusted income over £260,000. For every £2 of income over £260,000 an individual’s annual allowance will be reduced by £1, down to a minimum of £10,000.</li> <li>Employers will obtain tax relief on employer contributions if they are paid and made ‘wholly and exclusively’ for the purposes of the business. The tax relief for large contributions may be spread over several years.</li> </ul> </section> </div> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_22"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Property allowance <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section> <ul> <li>A property allowance is available to individuals.</li> <li>The property allowance will not apply to partnership income or to income on which rent a room relief is given.</li> </ul> <table class="info columns_2"> <tbody> <tr> <td>Income up to £1,000</td> <td>Property income assessable NIL</td> </tr> <tr> <td>Income over £1,000</td> <td>Election to deduct £1,000 rather than the actual expenses</td> </tr> </tbody> </table> </section> </div> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_23"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Self assessment - key dates <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section> <div class="selected"> <section><strong> 31 January 2024 </strong> – First payment on account due for 2023/24 tax year.<strong> 31 July 2024 </strong> – Second payment on account for 2023/24 tax year.<strong> 5 October 2024 </strong> – Deadline for notifying HMRC of new sources of income (including the Child Benefit charge) if no tax return has been issued for 2023/24 tax year.<strong> 31 October 2024 </strong> – Deadline for submission of 2023/24 non-electronic returns.<strong> 30 December 2024 </strong> – Deadline for submission of 2023/24 electronic tax returns if ‘coding out’ of eligible underpayment is required.<strong> 31 January 2025 </strong> – Deadline for filing electronic tax returns for 2023/24. Balancing payment due for 2023/24 tax year. First payment on account due for 2024/25 tax year.</section> </div> </section> </div> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section> <div class="selected"> <section><strong> 31 January 2023 </strong> – First payment on account due for 2022/23 tax year.<strong> 31 July 2023 </strong> – Second payment on account for 2022/23 tax year.<strong> 5 October 2023 </strong> – Deadline for notifying HMRC of new sources of income (including the Child Benefit charge) if no tax return has been issued for 2022/23 tax year.<strong> 31 October 2023 </strong> – Deadline for submission of 2022/23 non-electronic returns.<strong> 30 December 2023 </strong> – Deadline for submission of 2022/23 electronic tax returns if ‘coding out’ of eligible underpayment is required.<strong> 31 January 2024 </strong> – Deadline for filing electronic tax returns for 2022/23. Balancing payment due for 2022/23 tax year. First payment on account due for 2023/24 tax year.</section> </div> </section> </div> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_24"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Stamp Duty <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <p>When you buy shares, you usually pay a tax or duty of 0.5% on the transaction. If you buy shares electronically Stamp Duty Reserve Tax (SDRT) is payable. For shares purchased using a stock transfer form, you will pay Stamp Duty if the transaction is over £1,000.</p> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_25"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Stamp Duty Land Tax (SDLT) <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25" aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>SDLT is payable on land and property transactions in England and Northern Ireland.</li> <li>Property transactions in Scotland are subject to Land and Buildings Transaction Tax (LBTT).</li> <li>Property transactions in Wales are subject to Land Transaction Tax (LTT).</li> </ul> <h3><span class="h5">Residential property</span></h3> <p>The rates apply to the portion of the total value which falls within each band.</p> <table class="info columns_2"> <tbody> <tr> <td align="center" width="50%">Consideration (£)</td> <td align="center" width="50%">Rate</td> </tr> <tr> <td align="center" width="50%">0 – 250,000</td> <td align="center" width="50%">0%</td> </tr> <tr> <td align="center" width="50%">250,001 – 925,000</td> <td align="center" width="50%">5%</td> </tr> <tr> <td align="center" width="50%">925,001 – 1,500,000</td> <td align="center" width="50%">10%</td> </tr> <tr> <td align="center" width="50%">1,500,001 and above</td> <td align="center" width="50%">12%</td> </tr> </tbody> </table> <p>These rates may be increased by 3% where further residential properties, costing over £40,000, are acquired.</p> <p><strong> First-time Buyer relief </strong></p> <p>First-time buyers may be eligible for first-time buyer relief on purchases of residential property up to £625,000. The rates apply to the portion of the total value which falls within each band.</p> <table class="info columns_2"> <tbody> <tr> <td align="center" width="50%">Consideration (£)</td> <td align="center" width="50%">Rate</td> </tr> <tr> <td align="center" width="50%">0 – 425,000</td> <td align="center" width="50%">0%</td> </tr> <tr> <td align="center" width="50%">425,001 – 625,000</td> <td align="center" width="50%">5%</td> </tr> <tr> <td align="center" width="50%">for purchases over 625,000</td> <td align="center" width="50%">normal rates apply</td> </tr> </tbody> </table> <h3><span class="h5">Non-residential SDLT rates</span></h3> <table class="columns_2 info" border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td align="center" width="50%">Consideration (£)</td> <td align="center" width="50%">Rate</td> </tr> <tr> <td align="center" width="50%">0 – 150,000</td> <td align="center" width="50%">0%</td> </tr> <tr> <td align="center" width="50%">150,001 – 250,000</td> <td align="center" width="50%">2%</td> </tr> <tr> <td align="center" width="50%">Over 250,000</td> <td align="center" width="50%">5%</td> </tr> </tbody> </table> <p>Payable on consideration which falls in each band.</p> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_26"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> State Pensions <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25" aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>The basic State Pension is a regular payment from the government that an individual may be entitled to when they reach <a href="https://live-mer-wp.pantheonsite.io/definition/state-pension-age/">State Pension age</a>.</li> <li>The basic State Pension depends on the number of years an individual has paid National Insurance or has National Insurance credits, eg while unemployed or claiming certain benefits.</li> <li>To receive the basic State Pension an individual must have paid or been credited with National Insurance contributions (NIC).</li> <li>In 2016 the State Pension was reformed into a single-tier new State Pension. In order to benefit from the full amount the individual will need 35 years, rather than the previous 30 years of NIC or credits for the full amount, with pro-rating where 35 years is not achieved. You will usually need 10 qualifying years to get any State Pension. The amount an individual receives can be higher or lower depending on their National Insurance record. It will only be higher if you have over a certain amount of Additional State Pension.</li> <li>Currently an individual may also be entitled to the Additional State Pension. How much an individual gets depends on the number of qualifying years of NIC, the amount of earnings and whether the individual has been contracted out of the scheme.</li> </ul> <table class="info"> <thead> <tr> <th><span class="h5"><strong> Weekly State Pension 2024/25 </strong></span></th> <th></th> </tr> </thead> <tbody> <tr> <td>Basic – single person</td> <td align="center">£169.50</td> </tr> <tr> <td>New State Pension</td> <td align="center">£221.20</td> </tr> </tbody> </table> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section> <ul> <li> <ul> <li>The basic State Pension is a regular payment from the government that an individual may be entitled to when they reach <a href="https://live-mer-wp.pantheonsite.io/definition/state-pension-age/">State Pension age</a>.</li> <li>The basic State Pension depends on the number of years an individual has paid National Insurance or has National Insurance credits, eg while unemployed or claiming certain benefits.</li> <li>To receive the basic State Pension an individual must have paid or been credited with National Insurance contributions (NIC).</li> <li>In 2016 the State Pension was reformed into a single-tier new State Pension. In order to benefit from the full amount the individual will need 35 years, rather than the previous 30 years of NIC or credits for the full amount, with pro-rating where 35 years is not achieved. You will usually need 10 qualifying years to get any State Pension. The amount an individual receives can be higher or lower depending on their National Insurance record. It will only be higher if you have over a certain amount of Additional State Pension.</li> <li>Currently an individual may also be entitled to the Additional State Pension. How much an individual gets depends on the number of qualifying years of NIC, the amount of earnings and whether the individual has been contracted out of the scheme.</li> </ul> <table class="info"> <thead> <tr> <th><span class="h5"><strong> Weekly State Pension 2023/24 </strong></span></th> <th></th> </tr> </thead> <tbody> <tr> <td>Basic – single person</td> <td align="center">£156.20</td> </tr> <tr> <td>New State Pension</td> <td align="center">£203.85</td> </tr> </tbody> </table> </li> </ul> </section> </div> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_27"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Tax reliefs for individuals <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25" aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <h3><span class="h5">Enterprise Investment Scheme (EIS)</span></h3> <p>The Enterprise Investment Scheme (EIS) provides tax relief for individuals prepared to invest in new and growing companies. Investors can obtain generous income tax and capital gains tax (CGT) breaks for their investment and companies can use the relief to attract additional investment to develop their business. Individuals are entitled to relief on investments in certain unquoted trading companies through EIS. A junior version of EIS the SEIS is also available.</p> <table class="info columns_2"> <tbody> <tr> <td>Maximum investment per annum</td> <td align="center" width="30%">£1,000,000</td> </tr> <tr> <td>Additional investment limit where investing in knowledge-intensive companies</td> <td align="center" width="30%">£2,000,000</td> </tr> <tr> <td>Income tax relief</td> <td align="center" width="30%">30%</td> </tr> <tr> <td>CGT treatment on disposal if held for 3 years</td> <td align="center">Exempt</td> </tr> </tbody> </table> <p>Capital gains from the disposal of other assets may be deferred by making an EIS investment.</p> <h3><span class="h5">Seed Enterprise Investment Scheme (SEIS)</span></h3> <p>The Seed Enterprise Investment Scheme (SEIS) provides tax relief for individuals prepared to invest in new and growing companies. Investors can obtain generous income tax and capital gains tax (CGT) breaks for their investment and companies can use the relief to attract additional investment to develop their business. SEIS is a junior version of EIS.</p> <table class="info columns_2"> <tbody> <tr> <td>Maximum investment per annum</td> <td align="center" width="30%">£200,000*</td> </tr> <tr> <td>Income tax relief</td> <td align="center" width="30%">50%</td> </tr> <tr> <td>CGT treatment on disposal if held for 3 years</td> <td align="center">Exempt</td> </tr> </tbody> </table> <p>An individual who makes a capital gain on another asset and uses the amount of the gain to make a SEIS investment will not pay tax on 50% of the gain (subject to certain conditions).</p> <p>Capital gains from the disposal of other assets may be exempt up to £100,000* per annum by making an SEIS investment.</p> <p><small>*Limits subject to Parliamentary approval.</small></p> <h3 class="heading"><span class="h5">Social Investment Relief (SIR)</span></h3> <p>Social Investment Relief (SIR) was designed to encourage private individuals to invest in social enterprises including charities.</p> <p><abbr title="Social Investment Tax Relief"> SIR </abbr> closed to any new investments from 6 April 2023.</p> <h3><span class="h5">Venture Capital Trusts (VCTs)</span></h3> <p>Venture Capital Trusts (VCTs) are designed to encourage private individuals to invest in smaller high-risk unquoted trading companies. VCTs operate by indirect investment through a mediated fund. In effect they are very like the investment trusts that are obtainable on the stock exchange, albeit in a high-risk environment. Individuals are entitled to relief on investments in VCTs.</p> <table class="info columns_2"> <tbody> <tr> <td>Maximum investment per annum</td> <td align="center" width="30%">£200,000</td> </tr> <tr> <td>Income tax relief</td> <td align="center" width="30%">30%</td> </tr> <tr> <td>Dividend income</td> <td align="center" width="30%">Exempt</td> </tr> <tr> <td>Capital gains treatment on disposal</td> <td align="center">Exempt</td> </tr> </tbody> </table> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_28"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Trade allowance <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25" aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>A Trade Allowance is available to individuals.</li> <li>There is an equivalent rule for certain miscellaneous income. This will apply to the extent that the £1,000 trading allowance is not used against trading income.</li> <li>The trade allowance is not available against partnership income.</li> </ul> <table class="info columns_2"> <tbody> <tr> <td>Income up to £1,000</td> <td>Profits assessable NIL</td> </tr> <tr> <td>Income over £1,000</td> <td>Election to deduct £1,000 allowance rather than the actual expenses</td> </tr> </tbody> </table> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_29"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Van benefit <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>Van benefit is chargeable if the van is available for an employee’s private use.</li> <li>A fuel benefit may also be chargeable if an employee has the benefit of private fuel paid for in respect of a company van.</li> <li>The charges do not apply to vans if a ‘<a href="https://live-mer-wp.pantheonsite.io/definition/restricted-private-use-condition/">restricted private use condition</a>‘ is met throughout the year.</li> <li>A reduced benefit charge may apply to vans which cannot emit CO<sub>2</sub> when driven.</li> </ul> <table class="info columns_2"> <thead> <tr> <th colspan="2"><strong> Van benefits 2023/24 </strong></th> </tr> </thead> <tbody> <tr> <td>Van benefit</td> <td align="center">£3,960</td> </tr> <tr> <td>Fuel benefit</td> <td align="center">£757</td> </tr> </tbody> </table> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label=" 2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>Van benefit is chargeable if the van is available for an employee’s private use.</li> <li>A fuel benefit may also be chargeable if an employee has the benefit of private fuel paid for in respect of a company van.</li> <li>The charges do not apply to vans if a ‘ <a href="https://live-mer-wp.pantheonsite.io/definition/restricted-private-use-condition/"> restricted private use condition </a> ‘ is met throughout the year.</li> <li>A reduced benefit charge may apply to vans which cannot emit CO <sub> 2 </sub> when driven.</li> </ul> <table class="info columns_2"> <thead> <tr> <th colspan="2"><strong> Van benefits 2022/23 </strong></th> </tr> </thead> <tbody> <tr> <td>Van benefit</td> <td align="center">£3,600</td> </tr> <tr> <td>Fuel benefit</td> <td align="center">£688</td> </tr> </tbody> </table> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_30"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> VAT <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>Registered businesses charge VAT on their sales. This is known as output VAT and the sales are referred to as outputs.</li> <li>Similarly VAT is charged on most goods and services purchased by the business. This is known as input VAT.</li> <li>There are three rates: standard which applies to most goods and services, reduced rate for some goods and services such as home energy and zero rate goods and services, for example, most food and children’s clothes.</li> <li>Some supplies are exempt from VAT for example postage stamps, financial and insurance transactions.</li> <li>A business is required to register for VAT if the value of taxable supplies exceeds the annual registration limit.</li> </ul> <table class="info columns_2"> <thead> <tr> <th><strong> VAT – rates and limits </strong></th> <th></th> </tr> </thead> <tbody> <tr> <td>Standard rate</td> <td align="center">20%</td> </tr> <tr> <td>Reduced rate</td> <td align="center">5%</td> </tr> <tr> <td>Annual Registration Limit<br /> – from 1.4.23 – 31.3.24</td> <td align="center">£90,000</td> </tr> <tr> <td>Annual Deregistration Limit<br /> – from 1.4.23 – 31.3.24</td> <td align="center">£88,000</td> </tr> </tbody> </table> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label=" 2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <ul> <li>Registered businesses charge VAT on their sales. This is known as output VAT and the sales are referred to as outputs.</li> <li>Similarly VAT is charged on most goods and services purchased by the business. This is known as input VAT.</li> <li>There are three rates: standard which applies to most goods and services, reduced rate for some goods and services such as home energy and zero rate goods and services, for example, most food and children’s clothes.</li> <li>Some supplies are exempt from VAT for example postage stamps, financial and insurance transactions.</li> <li>A business is required to register for VAT if the value of taxable supplies exceeds the annual registration limit.</li> </ul> <table class="info columns_2"> <thead> <tr> <th><strong> VAT – rates and limits </strong></th> <th></th> </tr> </thead> <tbody> <tr> <td>Standard rate</td> <td align="center">20%</td> </tr> <tr> <td>Reduced rate</td> <td align="center">5%</td> </tr> <tr> <td>Annual Registration Limit<br /> – from 1.4.23 – 31.3.24</td> <td align="center">£85,000</td> </tr> <tr> <td>Annual Deregistration Limit<br /> – from 1.4.23 – 31.3.24</td> <td align="center">£83,000</td> </tr> </tbody> </table> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_31"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> VAT fuel scale charges <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section> <div class="selected"> <section>Businesses must use these new VAT fuel scale charges from the start of their next prescribed accounting period beginning on or after 1 May 2023.</p> <table class="info"> <tbody> <tr> <td><span class="h5"><strong> CO<sub>2</sub> </strong></span><br /> <strong><span class="h5"> band</span> </strong></td> <td><span class="h5"><strong> Gross monthly </strong></span><br /> <span class="h5"><strong> £ </strong></span></td> <td><span class="h5"><strong> VAT </strong></span><br /> <strong><span class="h5"> £</span> </strong></td> <td><span class="h5"><strong> Net </strong></span><br /> <strong><span class="h5"> £</span> </strong></td> </tr> <tr> <td>120 or less</td> <td>61</td> <td>10.17</td> <td>50.83</td> </tr> <tr> <td>125</td> <td>91</td> <td>15.17</td> <td>75.83</td> </tr> <tr> <td>130</td> <td>97</td> <td>16.17</td> <td>80.83</td> </tr> <tr> <td>135</td> <td>103</td> <td>17.17</td> <td>85.83</td> </tr> <tr> <td>140</td> <td>110</td> <td>18.33</td> <td>91.67</td> </tr> <tr> <td>145</td> <td>115</td> <td>19.17</td> <td>95.83</td> </tr> <tr> <td>150</td> <td>122</td> <td>20.33</td> <td>101.67</td> </tr> <tr> <td>155</td> <td>128</td> <td>21.33</td> <td>106.67</td> </tr> <tr> <td>160</td> <td>134</td> <td>22.33</td> <td>111.67</td> </tr> <tr> <td>165</td> <td>140</td> <td>23.33</td> <td>116.67</td> </tr> <tr> <td>170</td> <td>146</td> <td>24.33</td> <td>121.67</td> </tr> <tr> <td>175</td> <td>152</td> <td>25.33</td> <td>126.67</td> </tr> <tr> <td>180</td> <td>159</td> <td>26.50</td> <td>132.50</td> </tr> <tr> <td>185</td> <td>164</td> <td>27.33</td> <td>136.67</td> </tr> <tr> <td>190</td> <td>171</td> <td>28.50</td> <td>142.50</td> </tr> <tr> <td>195</td> <td>178</td> <td>29.67</td> <td>148.33</td> </tr> <tr> <td>200</td> <td>183</td> <td>30.50</td> <td>152.50</td> </tr> <tr> <td>205</td> <td>190</td> <td>31.67</td> <td>158.33</td> </tr> <tr> <td>210</td> <td>195</td> <td>32.50</td> <td>162.50</td> </tr> <tr> <td>215</td> <td>202</td> <td>33.67</td> <td>168.33</td> </tr> <tr> <td>220</td> <td>208</td> <td>34.67</td> <td>173.33</td> </tr> <tr> <td>225 or more</td> <td>214</td> <td>35.67</td> <td>178.33</td> </tr> </tbody> </table> <table class="info"> <tbody> <tr> <td><span class="h5"><strong> CO <sub> 2 </sub> </strong></span><br /> <strong><span class="h5"> band</span> </strong></td> <td><span class="h5"><strong> Gross 3 month period £ </strong></span></td> <td><span class="h5"><strong> VAT </strong></span><br /> <span class="h5"><strong> £ </strong></span></td> <td><span class="h5"><strong> Net </strong></span><br /> <span class="h5"><strong> £ </strong></span></td> </tr> <tr> <td>120 or less</td> <td>183</td> <td>30.50</td> <td>152.50</td> </tr> <tr> <td>125</td> <td>276</td> <td>46.00</td> <td>230.00</td> </tr> <tr> <td>130</td> <td>293</td> <td>48.83</td> <td>244.17</td> </tr> <tr> <td>135</td> <td>312</td> <td>52.00</td> <td>260.00</td> </tr> <tr> <td>140</td> <td>331</td> <td>55.17</td> <td>275.83</td> </tr> <tr> <td>145</td> <td>349</td> <td>58.17</td> <td>290.83</td> </tr> <tr> <td>150</td> <td>368</td> <td>61.33</td> <td>306.67</td> </tr> <tr> <td>155</td> <td>386</td> <td>64.33</td> <td>321.67</td> </tr> <tr> <td>160</td> <td>405</td> <td>67.50</td> <td>337.50</td> </tr> <tr> <td>165</td> <td>423</td> <td>70.50</td> <td>352.50</td> </tr> <tr> <td>170</td> <td>441</td> <td>73.50</td> <td>367.50</td> </tr> <tr> <td>175</td> <td>459</td> <td>76.50</td> <td>382.50</td> </tr> <tr> <td>180</td> <td>478</td> <td>79.67</td> <td>398.33</td> </tr> <tr> <td>185</td> <td>497</td> <td>82.83</td> <td>414.17</td> </tr> <tr> <td>190</td> <td>515</td> <td>85.83</td> <td>429.17</td> </tr> <tr> <td>195</td> <td>534</td> <td>89.00</td> <td>445.00</td> </tr> <tr> <td>200</td> <td>552</td> <td>92.00</td> <td>460.00</td> </tr> <tr> <td>205</td> <td>571</td> <td>95.17</td> <td>475.83</td> </tr> <tr> <td>210</td> <td>588</td> <td>98.00</td> <td>490.00</td> </tr> <tr> <td>215</td> <td>607</td> <td>101.17</td> <td>505.83</td> </tr> <tr> <td>220</td> <td>626</td> <td>104.33</td> <td>521.67</td> </tr> <tr> <td>225 or more</td> <td>644</td> <td>107.33</td> <td>536.67</td> </tr> </tbody> </table> <table class="info"> <tbody> <tr> <td><span class="h5"><strong> CO <sub> 2 </sub> </strong></span><br /> <strong><span class="h5"> band</span> </strong></td> <td><span class="h5"><strong> Annual gross<br /> £ </strong></span></td> <td><span class="h5"><strong> VAT </strong></span><br /> <strong><span class="h5"> £</span> </strong></td> <td><span class="h5"><strong> Net </strong></span><br /> <strong><span class="h5"> £</span> </strong></td> </tr> <tr> <td>120 or less</td> <td>737</td> <td>122.83</td> <td>614.17</td> </tr> <tr> <td>125</td> <td>1,103</td> <td>183.83</td> <td>919.17</td> </tr> <tr> <td>130</td> <td>1,179</td> <td>196.50</td> <td>982.50</td> </tr> <tr> <td>135</td> <td>1,250</td> <td>208.33</td> <td>1,041.67</td> </tr> <tr> <td>140</td> <td>1,327</td> <td>221.17</td> <td>1,105.83</td> </tr> <tr> <td>145</td> <td>1,398</td> <td>233.00</td> <td>1,16500</td> </tr> <tr> <td>150</td> <td>1,474</td> <td>245.67</td> <td>1,228.33</td> </tr> <tr> <td>155</td> <td>1,545</td> <td>257.50</td> <td>1,287.50</td> </tr> <tr> <td>160</td> <td>1,622</td> <td>270.33</td> <td>1,351.67</td> </tr> <tr> <td>165</td> <td>1,693</td> <td>282.17</td> <td>1,410.83</td> </tr> <tr> <td>170</td> <td>1,769</td> <td>294.83</td> <td>1,474.17</td> </tr> <tr> <td>175</td> <td>1,840</td> <td>306.67</td> <td>1,533.33</td> </tr> <tr> <td>180</td> <td>1,917</td> <td>319.50</td> <td>1,597.50</td> </tr> <tr> <td>185</td> <td>1,988</td> <td>331.33</td> <td>1,656.67</td> </tr> <tr> <td>190</td> <td>2,064</td> <td>344.00</td> <td>1,720.00</td> </tr> <tr> <td>195</td> <td>2,135</td> <td>355.83</td> <td>1,779.17</td> </tr> <tr> <td>200</td> <td>2,212</td> <td>368.67</td> <td>1,843.33</td> </tr> <tr> <td>205</td> <td>2,283</td> <td>380.50</td> <td>1,902.50</td> </tr> <tr> <td>210</td> <td>2,359</td> <td>393.17</td> <td>1,965.83</td> </tr> <tr> <td>215</td> <td>2,430</td> <td>405.00</td> <td>2,025.00</td> </tr> <tr> <td>220</td> <td>2,507</td> <td>417.83</td> <td>1,089.17</td> </tr> <tr> <td>225 or more</td> <td>2,578</td> <td>429.67</td> <td>2,148.33</td> </tr> </tbody> </table> <p>Where the CO<sub>2</sub> emission figure is not a multiple of five, the figure is rounded down to the next multiple of five to determine the level of the charge.</p> <p>For a bi-fuel vehicle which has two CO<sub>2</sub> emissions figures, the lower of the two figures should be used.</p> <p>For cars which are too old to have a CO<sub>2</sub> emissions figure, you should identify the CO<sub>2</sub> band based on engine size. If its cylinder capacity is:</p> <ul> <li>If its cylinder capacity is 1,400cc or less, use CO<sub>2</sub> band 140</li> <li>If its cylinder capacity exceeds 1,400cc but does not exceed 2,000cc, use CO<sub>2</sub> band 175;</li> <li>If its cylinder capacity exceeds 2,000cc, use CO<sub>2</sub> band 225 or above.</li> </ul> </section> </div> </section> </div> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section>Businesses must use these new VAT fuel scale charges from the start of their next prescribed accounting period beginning on or after 1 May 2022.</p> <table class="info"> <tbody> <tr> <td><span class="h5"><strong>CO<sub>2</sub></strong></span><br /> <strong><span class="h5"> band</span> </strong></td> <td><span class="h5"><strong> Gross monthly </strong></span><br /> <strong><span class="h5"> £</span> </strong></td> <td><span class="h5"><strong> VAT </strong></span><br /> <strong><span class="h5"> £</span> </strong></td> <td><span class="h5"><strong> Net </strong></span><br /> <span class="h5"><strong> £ </strong></span></td> </tr> <tr> <td>120 or less</td> <td>58</td> <td>9.67</td> <td>48.33</td> </tr> <tr> <td>125</td> <td>87</td> <td>14.50</td> <td>72.50</td> </tr> <tr> <td>130</td> <td>92</td> <td>15.33</td> <td>76.67</td> </tr> <tr> <td>135</td> <td>98</td> <td>16.33</td> <td>81.67</td> </tr> <tr> <td>140</td> <td>104</td> <td>17.33</td> <td>86.67</td> </tr> <tr> <td>145</td> <td>110</td> <td>18.33</td> <td>91.67</td> </tr> <tr> <td>150</td> <td>116</td> <td>19.33</td> <td>96.67</td> </tr> <tr> <td>155</td> <td>122</td> <td>20.33</td> <td>101.67</td> </tr> <tr> <td>160</td> <td>127</td> <td>21.17</td> <td>105.83</td> </tr> <tr> <td>165</td> <td>133</td> <td>22.17</td> <td>110.83</td> </tr> <tr> <td>170</td> <td>139</td> <td>23.17</td> <td>115.83</td> </tr> <tr> <td>175</td> <td>145</td> <td>24.17</td> <td>120.83</td> </tr> <tr> <td>180</td> <td>151</td> <td>25.17</td> <td>125.83</td> </tr> <tr> <td>185</td> <td>156</td> <td>26</td> <td>130</td> </tr> <tr> <td>190</td> <td>163</td> <td>27.17</td> <td>135.83</td> </tr> <tr> <td>195</td> <td>169</td> <td>28.17</td> <td>140.83</td> </tr> <tr> <td>200</td> <td>174</td> <td>29</td> <td>145</td> </tr> <tr> <td>205</td> <td>180</td> <td>30</td> <td>150</td> </tr> <tr> <td>210</td> <td>185</td> <td>30.83</td> <td>154.17</td> </tr> <tr> <td>215</td> <td>192</td> <td>32</td> <td>160</td> </tr> <tr> <td>220</td> <td>198</td> <td>33</td> <td>165</td> </tr> <tr> <td>225 or more</td> <td>203</td> <td>33.83</td> <td>169.17</td> </tr> </tbody> </table> <table class="info"> <tbody> <tr> <td><span class="h5"><strong> CO <sub> 2 </sub> </strong></span><br /> <strong><span class="h5"> band</span> </strong></td> <td><span class="h5"><strong> Gross 3 month period £ </strong></span></td> <td><span class="h5"><strong> VAT </strong></span><br /> <span class="h5"><strong> £ </strong></span></td> <td><span class="h5"><strong> Net </strong></span><br /> <strong><span class="h5"> £</span> </strong></td> </tr> <tr> <td>120 or less</td> <td>174</td> <td>29</td> <td>145</td> </tr> <tr> <td>125</td> <td>262</td> <td>43.67</td> <td>218.33</td> </tr> <tr> <td>130</td> <td>279</td> <td>46.50</td> <td>232.50</td> </tr> <tr> <td>135</td> <td>296</td> <td>49.33</td> <td>246.67</td> </tr> <tr> <td>140</td> <td>314</td> <td>52.33</td> <td>261.67</td> </tr> <tr> <td>145</td> <td>332</td> <td>55.33</td> <td>276.67</td> </tr> <tr> <td>150</td> <td>349</td> <td>58.17</td> <td>290.83</td> </tr> <tr> <td>155</td> <td>367</td> <td>61.17</td> <td>305.83</td> </tr> <tr> <td>160</td> <td>385</td> <td>64.17</td> <td>320.83</td> </tr> <tr> <td>165</td> <td>402</td> <td>67</td> <td>335</td> </tr> <tr> <td>170</td> <td>419</td> <td>69.83</td> <td>349.17</td> </tr> <tr> <td>175</td> <td>437</td> <td>72.83</td> <td>364.17</td> </tr> <tr> <td>180</td> <td>454</td> <td>75.67</td> <td>378.33</td> </tr> <tr> <td>185</td> <td>472</td> <td>78.67</td> <td>393.33</td> </tr> <tr> <td>190</td> <td>490</td> <td>81.67</td> <td>408.33</td> </tr> <tr> <td>195</td> <td>507</td> <td>84.50</td> <td>422.50</td> </tr> <tr> <td>200</td> <td>525</td> <td>87.50</td> <td>437.50</td> </tr> <tr> <td>205</td> <td>543</td> <td>90.50</td> <td>452.50</td> </tr> <tr> <td>210</td> <td>559</td> <td>93.17</td> <td>465.83</td> </tr> <tr> <td>215</td> <td>577</td> <td>96.17</td> <td>480.83</td> </tr> <tr> <td>220</td> <td>595</td> <td>99.17</td> <td>495.83</td> </tr> <tr> <td>225 or more</td> <td>612</td> <td>102</td> <td>510</td> </tr> </tbody> </table> <table class="info"> <tbody> <tr> <td><span class="h5"><strong> CO <sub> 2 </sub> </strong></span><br /> <strong><span class="h5"> band</span> </strong></td> <td><span class="h5"><strong> Annual gross<br /> £ </strong></span></td> <td><span class="h5"><strong> VAT </strong></span><br /> <strong><span class="h5"> £</span> </strong></td> <td><span class="h5"><strong> Net </strong></span><br /> <strong><span class="h5"> £</span> </strong></td> </tr> <tr> <td>120 or less</td> <td>700</td> <td>116.67</td> <td>583.33</td> </tr> <tr> <td>125</td> <td>1,048</td> <td>174.67</td> <td>873.33</td> </tr> <tr> <td>130</td> <td>1,121</td> <td>186.83</td> <td>934.17</td> </tr> <tr> <td>135</td> <td>1,188</td> <td>198</td> <td>990</td> </tr> <tr> <td>140</td> <td>1,261</td> <td>210.17</td> <td>1,050.83</td> </tr> <tr> <td>145</td> <td>1,329</td> <td>221.50</td> <td>1,107.50</td> </tr> <tr> <td>150</td> <td>1,401</td> <td>233.50</td> <td>1,167.50</td> </tr> <tr> <td>155</td> <td>1,469</td> <td>244.83</td> <td>1,224.17</td> </tr> <tr> <td>160</td> <td>1,542</td> <td>257</td> <td>1,285</td> </tr> <tr> <td>165</td> <td>1,609</td> <td>268.17</td> <td>1,340.83</td> </tr> <tr> <td>170</td> <td>1,682</td> <td>280.33</td> <td>1,401.67</td> </tr> <tr> <td>175</td> <td>1,749</td> <td>291.50</td> <td>1,457.50</td> </tr> <tr> <td>180</td> <td>1,822</td> <td>303.67</td> <td>1,518.33</td> </tr> <tr> <td>185</td> <td>1,889</td> <td>314.83</td> <td>1,574.17</td> </tr> <tr> <td>190</td> <td>1,962</td> <td>327</td> <td>1,635</td> </tr> <tr> <td>195</td> <td>2,030</td> <td>338.33</td> <td>1,691.67</td> </tr> <tr> <td>200</td> <td>2,102</td> <td>350.33</td> <td>1,751.67</td> </tr> <tr> <td>205</td> <td>2,170</td> <td>361.67</td> <td>1,808.33</td> </tr> <tr> <td>210</td> <td>2,242</td> <td>373.67</td> <td>1,868.33</td> </tr> <tr> <td>215</td> <td>2,310</td> <td>385</td> <td>1,925</td> </tr> <tr> <td>220</td> <td>2,383</td> <td>397.17</td> <td>1,985.83</td> </tr> <tr> <td>225 or more</td> <td>2,450</td> <td>408.33</td> <td>2,041.67</td> </tr> </tbody> </table> <p>Where the CO<sub>2</sub> emission figure is not a multiple of five, the figure is rounded down to the next multiple of five to determine the level of the charge.</p> <p>For a bi-fuel vehicle which has two CO<sub>2</sub> emissions figures, the lower of the two figures should be used.</p> <p>For cars which are too old to have a CO<sub>2</sub> emissions figure, you should identify the CO<sub>2</sub> band based on engine size. If its cylinder capacity is:</p> <ul> <li>If its cylinder capacity is 1,400cc or less, use CO <sub> 2 </sub> band 140</li> <li>If its cylinder capacity exceeds 1,400cc but does not exceed 2,000cc, use CO <sub> 2 </sub> band 175;</li> <li>If its cylinder capacity exceeds 2,000cc, use CO <sub> 2 </sub> band 225 or above.</li> </ul> </section> </div> <h3><span class="h5">VED bands and rates for cars registered on or after 1 March 2001 but before 1 April 2017</span></h3> <table class="columns_3" width="777"> <thead> <tr> <th><span class="h5"><strong> VED band </strong></span></th> <th><strong><span class="h5"> CO <sub> 2 </sub> emissions (g/km)</span> </strong></th> <th><span class="h5"><strong> Standard rate </strong></span></th> </tr> </thead> <tbody> <tr> <td>A</td> <td>Up to 100</td> <td>£0</td> </tr> <tr> <td>B</td> <td>101-110</td> <td>£20</td> </tr> <tr> <td>C</td> <td>111-120</td> <td>£35</td> </tr> <tr> <td>D</td> <td>121-130</td> <td>£150</td> </tr> <tr> <td>E</td> <td>131-140</td> <td>£180</td> </tr> <tr> <td>F</td> <td>141-150</td> <td>£200</td> </tr> <tr> <td>G</td> <td>151-165</td> <td>£240</td> </tr> <tr> <td>H</td> <td>166-175</td> <td>£290</td> </tr> <tr> <td>I</td> <td>176-185</td> <td>£320</td> </tr> <tr> <td>J</td> <td>186-200</td> <td>£365</td> </tr> <tr> <td>K</td> <td>201-225*</td> <td>£395</td> </tr> <tr> <td>L</td> <td>226-255</td> <td>£675</td> </tr> <tr> <td>M</td> <td>Over 255</td> <td>£695</td> </tr> </tbody> </table> <p><small> *Including cars emitting over 225g/km registered before 23 March 2006. </small></p> </div> </section> </div> </section> </section> </div> </div> </section> </div> <div id="tab_32"> <section data-acf="tabs" class=" bg-none text-cod pb-block-md"> <div class=""> <div class="oc-grid grid-cols-12 pb-6 lg:pb-16 2xl:pb-24"> <div class="col-span-full "> <h2 class="h3 flex flex-row items-center"> Vehicle Excise Duty (VED) - passenger cars <svg role="none" xmlns="http://www.w3.org/2000/svg" class="ml-8 rotate-180 svg-md "> <use href="#arrow"> </svg> </h2> </div> <section class="col-span-full " x-data="{ active: 1, stacked: !window.matchMedia('(min-width: 1024px)').matches }" x-init="if (stacked) active = 0"> <template x-if="!stacked"> <header class="lg:pb-16 flex flex-row items-center flex-nowrap"> <button type="button" @click="active = 1" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 1, 'border-transparent': active !== 1 }"> 2024/25 </button> <button type="button" @click="active = 2" class="h3 flex flex-row items-center justify-between text-ribbon py-8 border-b-[3px] px-8 transition-colors duration-300 mr-4 last:mr-0 hover:border-ribbon" :class="{ 'border-ribbon': active === 2, 'border-transparent': active !== 2 }"> 2023/24 </button> </header> </template> <section class="bg-sand lg:p-0"> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_1" aria-label="2024/25 " aria-controls="_section" :aria-expanded="active === 1" @click=" if (stacked && active === 1) { active = 0 } else { active = 1 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2024/25 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 1 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 1" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <div class="selected"> <section> <div class="selected"> <section>For vehicles first registered on or after 1 April 2017, the VED or ‘Road Tax’ rate for the first 12 months is based on CO<sub>2</sub> emissions shown on the V5 (Registration Document).Subsequent years are charged at the standard rate. Cars with a list price of over £40,000 when new pay an additional rate of £390 per year on top of the standard rate, for five years.New diesel vehicles that do not meet the Euro 6d emissions standard are charged a supplement on their First Year Rate to the effect of moving up by one VED band.</p> <h3><span class="h5">VED bands and rates for cars first registered on or after 1 April 2017</span></h3> <table class="info"> <thead> <tr> <th><span class="h5"><strong>CO<sub>2</sub> emissions (g/km)</strong></span></th> <th><span class="h5"><strong> Standard rate </strong></span></th> <th><span class="h5"><strong> First year rate </strong></span></th> </tr> </thead> <tbody> <tr> <td>0</td> <td>£0</td> <td>£0</td> </tr> <tr> <td>1-50</td> <td>£190</td> <td>£10</td> </tr> <tr> <td>51-75</td> <td>£190</td> <td>£30</td> </tr> <tr> <td>76-90</td> <td>£190</td> <td>£135</td> </tr> <tr> <td>91-100</td> <td>£190</td> <td>£175</td> </tr> <tr> <td>101-110</td> <td>£190</td> <td>£195</td> </tr> <tr> <td>111-130</td> <td>£190</td> <td>£220</td> </tr> <tr> <td>131-150</td> <td>£190</td> <td>£270</td> </tr> <tr> <td>151-170</td> <td>£190</td> <td>£680</td> </tr> <tr> <td>171-190</td> <td>£190</td> <td>£1,095</td> </tr> <tr> <td>191-225</td> <td>£190</td> <td>£1,650</td> </tr> <tr> <td>226-255</td> <td>£190</td> <td>£2,340</td> </tr> <tr> <td>Over 255</td> <td>£190</td> <td>£2,745</td> </tr> </tbody> </table> <h3><span class="h5">VED bands and rates for cars registered on or after 1 March 2001 but before 1 April 2017</span></h3> <table class="info" width="777"> <thead> <tr> <th><strong><span class="h5"> VED band</span> </strong></th> <th><span class="h5"><strong>CO <sub>2 </sub>emissions (g/km)</strong></span></th> <th><span class="h5"><strong> Standard rate </strong></span></th> </tr> </thead> <tbody> <tr> <td>A</td> <td>Up to 100</td> <td>£0</td> </tr> <tr> <td>B</td> <td>101-110</td> <td>£20</td> </tr> <tr> <td>C</td> <td>111-120</td> <td>£35</td> </tr> <tr> <td>D</td> <td>121-130</td> <td>£160</td> </tr> <tr> <td>E</td> <td>131-140</td> <td>£190</td> </tr> <tr> <td>F</td> <td>141-150</td> <td>£210</td> </tr> <tr> <td>G</td> <td>151-165</td> <td>£255</td> </tr> <tr> <td>H</td> <td>166-175</td> <td>£305</td> </tr> <tr> <td>I</td> <td>176-185</td> <td>£335</td> </tr> <tr> <td>J</td> <td>186-200</td> <td>£385</td> </tr> <tr> <td>K</td> <td>201-225*</td> <td>£415</td> </tr> <tr> <td>L</td> <td>226-255</td> <td>£710</td> </tr> <tr> <td>M</td> <td>Over 255</td> <td>£735</td> </tr> </tbody> </table> <p><small>*Including cars emitting over 225g/km registered before 23 March 2006.</small></p> </section> </div> </section> </div> </div> </section> </div> <div class="bg-white shadow-sm mb-px lg:mb-0 lg:shadow-none"> <template x-if="stacked"> <button type="button" class="w-full h5 border-sand border text-left appearance-none px-8 py-6 md:px-12 md:py-8" data-accordion-id="accordion_item_2" aria-label="2023/24 " aria-controls="_section" :aria-expanded="active === 2" @click=" if (stacked && active === 2) { active = 0 } else { active = 2 } "> <span class="pointer-events-none flex flex-row justify-between items-center"> 2023/24 <span class="transition-transform duration-500 origin-center flex-shrink-0" :class="{ '-rotate-180 scale-[0.95]': active === 2 }"> <svg role="none" xmlns="http://www.w3.org/2000/svg" class="text-ribbon group-hover:translate-x-1 svg-md "> <use href="#chevron"> </svg> </span> </span> </button> </template> <section x-show="active === 2" x-collapse.duration.500ms> <div class="cms p-8 lg:p-0"> <p>For vehicles first registered on or after 1 April 2017, the VED or ‘Road Tax’ rate for the first 12 months is based on CO<sub>2</sub> emissions shown on the V5 (Registration Document).</p> <p>Subsequent years are charged at the standard rate. Cars with a list price of over £40,000 when new pay an additional rate of £390 per year on top of the standard rate, for five years.</p> <p>New diesel vehicles that do not meet the Euro 6d emissions standard are charged a supplement on their First Year Rate to the effect of moving up by one VED band.</p> <h3><span class="h5">VED bands and rates for cars first registered on or after 1 April 2017</span></h3> <table class="info" style="width: 26.4444%;"> <thead> <tr> <th style="width: 54.9894%;"><span class="h5"><strong> CO <sub> 2 </sub> emissions (g/km) </strong></span></th> <th style="width: 21.2314%;"><span class="h5"><strong> Standard rate </strong></span></th> <th style="width: 23.5669%;"><span class="h5"><strong> First year rate </strong></span></th> </tr> </thead> <tbody> <tr> <td style="width: 54.9894%;">0</td> <td style="width: 21.2314%;">£0</td> <td style="width: 23.5669%;">£0</td> </tr> <tr> <td style="width: 54.9894%;">1-50</td> <td style="width: 21.2314%;">£180</td> <td style="width: 23.5669%;">£10</td> </tr> <tr> <td style="width: 54.9894%;">51-75</td> <td style="width: 21.2314%;">£180</td> <td style="width: 23.5669%;">£30</td> </tr> <tr> <td style="width: 54.9894%;">76-90</td> <td style="width: 21.2314%;">£180</td> <td style="width: 23.5669%;">£130</td> </tr> <tr> <td style="width: 54.9894%;">91-100</td> <td style="width: 21.2314%;">£180</td> <td style="width: 23.5669%;">£165</td> </tr> <tr> <td style="width: 54.9894%;">101-110</td> <td style="width: 21.2314%;">£180</td> <td style="width: 23.5669%;">£185</td> </tr> <tr> <td style="width: 54.9894%;">111-130</td> <td style="width: 21.2314%;">£180</td> <td style="width: 23.5669%;">£210</td> </tr> <tr> <td style="width: 54.9894%;">131-150</td> <td style="width: 21.2314%;">£180</td> <td style="width: 23.5669%;">£255</td> </tr> <tr> <td style="width: 54.9894%;">151-170</td> <td style="width: 21.2314%;">£180</td> <td style="width: 23.5669%;">£645</td> </tr> <tr> <td style="width: 54.9894%;">171-190</td> <td style="width: 21.2314%;">£180</td> <td style="width: 23.5669%;">£1,040</td> </tr> <tr> <td style="width: 54.9894%;">191-225</td> <td style="width: 21.2314%;">£180</td> <td style="width: 23.5669%;">£1,565</td> </tr> <tr> <td style="width: 54.9894%;">226-255</td> <td style="width: 21.2314%;">£180</td> <td style="width: 23.5669%;">£2,220</td> </tr> <tr> <td style="width: 54.9894%;">Over 255</td> <td style="width: 21.2314%;">£180</td> <td style="width: 23.5669%;">£2,605</td> </tr> </tbody> </table> <h3><span class="h5">VED bands and rates for cars registered on or after 1 March 2001 but before 1 April 2017</span></h3> <table class="info" width="777"> <thead> <tr> <th><strong><span class="h5"> VED band</span> </strong></th> <th><strong><span class="h5"> CO <sub> 2 </sub> emissions (g/km)</span> </strong></th> <th><strong><span class="h5"> Standard rate</span> </strong></th> </tr> </thead> <tbody> <tr> <td>A</td> <td>Up to 100</td> <td>£0</td> </tr> <tr> <td>B</td> <td>101-110</td> <td>£20</td> </tr> <tr> <td>C</td> <td>111-120</td> <td>£35</td> </tr> <tr> <td>D</td> <td>121-130</td> <td>£150</td> </tr> <tr> <td>E</td> <td>131-140</td> <td>£180</td> </tr> <tr> <td>F</td> <td>141-150</td> <td>£200</td> </tr> <tr> <td>G</td> <td>151-165</td> <td>£240</td> </tr> <tr> <td>H</td> <td>166-175</td> <td>£290</td> </tr> <tr> <td>I</td> <td>176-185</td> <td>£320</td> </tr> <tr> <td>J</td> <td>186-200</td> <td>£365</td> </tr> <tr> <td>K</td> <td>201-225*</td> <td>£395</td> </tr> <tr> <td>L</td> <td>226-255</td> <td>£675</td> </tr> <tr> <td>M</td> <td>Over 255</td> <td>£695</td> </tr> </tbody> </table> <p><small> *Including cars emitting over 225g/km registered before 23 March 2006. </small></p> </div> </section> </div> </section> </section> </div> </div> </section> </div> </div> </div> </div> </main> <footer id="footer" class="text-ribbon bg-white py-28 lg:py-44 xl:py-[19.5rem] relative " style=" "> <div class="container"> <nav id="nav-footer" aria-label="Footer 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