What is the Tax Rates 2023/2024 in London?

As of my last update in 2022, I can provide general information on the tax rates in the UK for the tax year 2023/2024. Please note that tax rates and thresholds can change annually, so it's always a good idea to verify with official sources or a tax professional for the most up-to-date information.

For the tax year 2023/2024, the income tax rates 2023/2024 in the UK are as follows for individuals in England, Wales, and Northern Ireland:

 

1.Income Tax Rates:

·       Personal Allowance: £12,570 (tax-free)

·       Basic Rate: 20% on income between £12,571 and £50,270

·       Higher Rate: 40% on income between £50,271 and £150,000

·       Additional Rate: 45% on income above £150,000

2.National Insurance Contributions (NICs):

·       There are different rates depending on whether you're employed or self-employed.

·       For employees:

·       12% of earnings between £9,880 and £50,270

·       2% of earnings above £50,270

3.Capital Gains Tax:

·       Annual Exempt Amount: £12,300 (for individuals)

·       Rates:

·       10% for basic rate taxpayers

·       20% for higher and additional rate taxpayers

4.Dividend Tax Rates:

·       Tax-free Dividend Allowance: £2,000

·       Dividends within the allowance are tax-free.

·       Above the allowance:

·       Basic Rate: 7.5%

·       Higher Rate: 32.5%

·       Additional Rate: 38.1%

Please note that these rates are for the tax year 2023/2024, and they apply to the UK as a whole. Different rules might apply in Scotland. For the most accurate and personalized information based on your circumstances, it's advisable to consult with a tax advisor or visit the official HM Revenue & Customs (HMRC) website.