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Mar 16
Tax Tables 2023-24

Tax Tables 2023/24

  • March 16, 2023
  • SMH, SMH BCL Accountants, SMH BullockWoodburn, SMH Chartered Accountants, SMH Commercial Finance, SMH Corporate Finance, SMH Financial Services, SMH Haywood & Co, SMH Jolliffe Cork, SMH Residential Mortgages, SMH Sutton McGrath Hartley, SMH Wills & Probate

While the majority of the 2023/24 tax rates were released in the autumn, some changes involved unwinding the announcements of Mr Hunt’s predecessor.

With inflation and cost of living concerns foremost for the majority of individual and business taxpayers, the Chancellor needed to balance longer-term economic imperatives with perhaps shorter-term political concerns.

The key tax changes you should bear in mind for 2023/24 are:

  • Most main tax allowances and reliefs remain frozen at their 2022/23 levels, with the exception of the reduced threshold for additional rate taxpayers, which is cut to £125,140 for 2023/24.
  • For Scottish taxpayers, the higher and top rates of tax increase by 1% to 42% and 47%, respectively.
  • The headline grabbing change to the pensions lifetime allowance, which will be abolished from April 2024 after the lifetime allowance charge is removed from April 2023.
  • Further on pensions, the annual allowance will increase by 50% to £60,000 from 2023/24 and the money purchase annual allowance will rise from £4,000 to £10,000 from 2023/24.
  • The dividend allowance for 2023/24 is cut from £2,000 to £1,000.
  • The capital gains tax exempt amount is reduced from £12,300 to £6,000 for 2023/24.
  • The corporation tax increase announced by Rishi Sunak when he served as the Chancellor pushes the rate to 25%.
  • Companies investing in new plant and machinery in the three years from 1 April 2023 can claim a first-year allowance of up to 100% of expenditure.

Download our Tax Tables 2023/24 here

Download our Spring Budget 2023 summary here

If you have any questions about how the new tax rates from 6 April will affect you, as well as measures from the Spring Budget, please contact your local office, or get in touch on 0114 266 4432 or [email protected]

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Related Posts

  • Spring Budget 2023March 16, 2023
  • The pension annual allowance trapNovember 25, 2021
  • A change to the annual allowance taperApril 8, 2020
  • Last call for 2016/17 on your annual allowance…February 6, 2020

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SFSY EU

SMH Sutton McGrath Hartley

5 Westbrook Court, Sharrow Vale Road,
Sheffield, S11 8YZ

0114 266 4432

SMH Sutton McGrath Hartley

82 Saltergate,
Chesterfield, S40 1LG

01246 277 266

SMH Haywood & Co

24-26 Mansfield Road,
Rotherham, S60 2DT

01709 377909

SMH Haywood & Co

Knaresborough Technology Park,
Manse Lane, Knaresborough, HG5 8LF

01423 787 616

SMH BCL Accountants

2 Pavilion Business Park, Royds Hall Road, Lower Wortley,
Leeds, LS12 6AJ

0113 242 4677

SMH Bullock Woodburn

Norfolk House, Hardwick Square North,
Buxton, Derbyshire, SK17 6PU

01298 22108

SMH Jolliffe Cork

33 George Street
Wakefield, WF1 1LX

01924 376045

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