So 2024-25 facts and figures can be found below. Significant change on national minimum wage, (see percentage changes over 20%) and don’t forget that the headline figure of £11.44 is now kicking in after the 21st birthday and not 23rd.
Meanwhile, as already determined, no uplift in the tax and NI thresholds (unless you are a Scottish tax payer) so fiscal drag keeps on dragging.
In better news however, we now have a new lower rate of employee national insurance – down to 8% from 10%, previously 12%. So workers on an average salary of £34,500 will have a saving of £440 a year – times two if you factor in the mid-year 2% cut in 2023-24.
National Minimum Wage
| Age Group | From April 2024 | From April 2023 | Rate rise |
|---|---|---|---|
| 21+ | £11.44 | £10.42 | 9.8% |
| 18-20 inclusive | £8.60 | £7.49 | 14.8% |
| 16-17 inclusive | £6.40 | £5.28 | 21.2% |
| Apprentices under 19 | £6.40 | £5.28 | 21.2% |
| Apprentices aged 19 and over in first year of apprenticeship | £6.40 | £5.28 | 21.2% |
Student Loans
| Loan type | 2024/25 Earnings trigger per year | 2023/24 Earnings trigger per year | Collection rate (unchanged) |
|---|---|---|---|
| Loan plan 1 | £24,990 | £22,015 | 9% |
| Loan plan 2 | £27,295 | £27,295 | 9% |
| Loan plan 4 | £31,395 | £27,660 | 9% |
| Postgraduate | £21,000 | £21,000 | 6% |
Statutory payments
| Description | From April 2024 | From April 2023 | Rate rise |
|---|---|---|---|
| Weekly SMP/SPP/SHPP/SAP (lower rate) | £184.03 | £172.48 | 6.7% |
| Weekly Bereavement Pay | £184.03 | £172.48 | 6.7% |
| Weekly SSP | £116.75 | £109.40 | 6.7% |
England, Wales and Northern Ireland
| PAYE tax rates and thresholds per annum | From April 2024 |
|---|---|
| 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 2024 |
|---|---|
| Personal Allowance PA | up to £12,570 |
| Starter tax rate 19% | £12,571 to £14,876 |
| Basic tax rate 20% | £14,877 to £26,561 |
| Intermediate tax rate 21% | £26,562 to £43,662 |
| Higher tax rate 42% | £43,663 to £75,000 |
| Advanced tax rate 45% | £75,001 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 2024/25 | Per month 2024/25 | Per year 2024/25 | Rates |
|---|---|---|---|---|
| Lower earnings limit | £123 | £533 | £6,396 | 0% |
| Primary threshold (Ees) | £242 | £1,048 | £12,570 | 8% |
| Secondary threshold (Ers) | £175 | £758 | £9,100 | 13.8% |
| Upper earnings limit (Ees) | £967 | £4,189 | £50,270 | 2% |
