| Income tax rates | 2022 / 2023 | |
|---|---|---|
| Band | Taxable income | Tax rate |
| Personal Allowance | Up to £12,570 | 0% |
| Basic rate | £12,571 to £50,270 | 20% |
| Higher rate | £50,271 to £150,000 | 40% |
| Additional rate | over £150,000 | 45% |
| Basic State Pension | 2022 / 2023 |
|---|---|
| New State Pension | £185.15 p.w. |
| Old State Pension | £141.85 p.w. |
| Limits to tax efficient pension savings | 2022 / 2023 |
|---|---|
| Annual Allowance | £40,000 |
| Tapered Annual Allowance applies to those with taxable income in excess of: | £200,000 |
| Money Purchase Annual Allowance | £4,000 |
| Lifetime Allowance | £1,073,100 |
| Scheme Specific Earnings Cap |
£181,800 |