All the figures given below are subject to change in the budget announcement on the 15th March. Indciations so far are that nothing will change in respect of the rates and thresholds listed below.
National Minimum Wage
| Age Group | From April 2022 | From April 2023 | Rate rise |
|---|---|---|---|
| 23 and over | £9.50 | £10.42 | 9.7% |
| 21 to 22 inclusive | £9.18 | £10.18 | 10.9% |
| 18-20 inclusive | £6.83 | £7.49 | 9.7% |
| 16-17 inclusive | £4.81 | £5.28 | 9.7% |
| Apprentices under 19 | £4.81 | £5.28 | 9.7% |
| Apprentices aged 19 and over in first year of apprenticeship | £4.81 | £5.28 | 9.7% |
Student Loans
| Loan type | 2022/23 Earnings trigger per year | 2023/24 Earnings trigger per year | Collection rate (unchanged) |
|---|---|---|---|
| Loan plan 1 | £20,195 | £22,015 | 9% |
| Loan plan 2 | £27,295 | £27,295 | 9% |
| Loan plan 4 | £25,375 | £27,660 | 9% |
| Postgraduate | £21,000 | £21,000 | 6% |
Statutory payments
| Description | From April 2022 | From April 2023 | Rate rise |
|---|---|---|---|
| Weekly SMP/SPP/SHPP/SAP (lower rate) | £156.66 | £172.48 | 10.1% |
| Weekly Bereavement Pay | £156.66 | £172.48 | 10.1% |
| Weekly SSP | £99.35 | £109.40 | 10.12% |
England, Wales and Northern Ireland
| PAYE tax rates and thresholds per annum | From April 2023 |
|---|---|
| Personal Allowance (PA) | up to £12,570 |
| Basic tax rate 20% | £12,571 to £50,270 |
| Higher tax rate 40% | £50,271 to £125,140 |
| Additional tax rate 45% | 45% on earnings above £125,141 |
You do not get a Personal Allowance on taxable income over £125,140.
Scotland
| PAYE tax rates and thresholds per annum | From April 2023 |
|---|---|
| Personal Allowance PA | up to £12,570 |
| Starter tax rate 19% | £12,571 to £14,732 |
| Basic tax rate 20% | £14,733 to £25,688 |
| Intermediate tax rate 21% | £25,689 to £43,662 |
| Higher tax rate 42% | £43,663 to £125,140 |
| Top tax rate 47% | £125,141 and above |
You do not get a Personal Allowance on taxable income over £125,140.
NIC thresholds and rates (Table A)
| Thresholds | Per week 2023/24 | Per month 2023/24 | Per year 2023/24 | Rates |
|---|---|---|---|---|
| Lower earnings limit | £123 | £533 | £6,396 | 0% |
| Primary threshold (Ees) | £242 | £1,048 | £12,570 | 12% |
| Secondary threshold (Ers) | £175 | £758 | £9,100 | 13.8% |
| Upper earnings limit (Ees) | £967 | £4,189 | £50,270 | 2% |
