| Income tax rates | 2023/ 2024 | |
|---|---|---|
| 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 | 2023 / 2024 |
|---|---|
| New State Pension | £203.85 p.w. |
| Old State Pension | £156.20 p.w. |
| Limits to tax efficient pension savings | 2023 / 2024 |
|---|---|
| Annual Allowance | £60,000 |
| Tapered Annual Allowance applies to those with taxable income in excess of: | £200,000 |
| Money Purchase Annual Allowance | £10,000 |
| Lifetime Allowance | See below* |
| Scheme Specific Earnings Cap | £181,800 |
| * In the Spring 2023 Budget the Chancellor announced his intention to abolish the Lifetime Allowance (LTA) from 6 April 2024. Whilst the LTA remains at £1.07m for the 2023/24 tax year, the resulting tax charge if you exceed this limit will not be levied. |