Fintuity 2022 Rate Card
Navigating your finances can be difficult in this ever changing world – with rates and regulations changing frequently it is important to ensure that you have the right information and figures. With this in mind we are delighted to present our 2022 financial year rate card that gives you all the latest information!
Please note that the below information is accurate and up to date as of the financial year 2022 – if you require any further clarification please book your complimentary consultation with a member of the team by visiting www.fintuity.com.
INCOME TAX
| Income Tax Bands – England & Northern Ireland | 2022-2023 | 2021-2022 |
| Savings starting rate – 0% | £1-£5000 | £1-£5000 |
| Basic rate – 20% | £1-£37,700 | £1-£37,700 |
| Higher rate – 40% | £37,701-£150,000 | £37,701-£150,000 |
| Additional Rate – 45% | Over £150,000 | Over £150,000 |
| Income Tax Bands – Scotland | 2022-2023 | 2021-2022 |
| Savings starting rate – 19% | £1-£2163 | £1-£2097 |
| Basic rate – 20% | £2163-£37,700 | £2098-£12,726 |
| Intermediate rate- 21% | £13,119-£31,092 | £13,119-£31,092 |
| Higher rate – 41% | £31,093-£150,000 | £31,093-£150,000 |
| Additional Rate – 46% | Over £150,000 | Over £150,000 |
| Income Tax Bands – Wales | 2022-2023 | 2021-2022 |
| Savings starting rate – 0% | £1-£5000 | £1-£5000 |
| Basic rate – 20% | £1-£37,700 | £1-£37,700 |
| Higher rate – 40% | £37,701-£150,000 | £37,701-£150,000 |
| Additional Rate – 45% | Over £150,000 | Over £150,000 |
DIVIDENDS & SAVINGS
| Dividend & Savings | 2022-2023 | 2021-2022 |
| Dividend allowance | £2000 | £2000 |
| Dividend ordinary rate | 8.75% | 7.5% |
| Dividend upper rate | 33.75% | 32.5% |
| Dividend additional rate | 39.35% | 38.1% |
| Personal saving allowance
-Basic rate taxpayers -Higher rate taxpayers |
£1000 £500 |
£1000 £500 |
NATIONAL INSURANCE
| National Insurance | Employee (primary) | Employer (secondary) |
| Up to £190 until July 5th 22: £175 (ER) | 0% | 0% |
| Up to £242 until July 6th 22: £175 (ER) | 0% | 0% |
| £190.01 (EE) until July 5th 22: £175.01 to £967 | 13.25% | 15.05% |
| £242.01 (EE) from 6th July 22: £175.01 to £967 | 13.25% | 15.05% |
| Over £967 | 3.25% | 15.05% |
| Over state pensions age | 0% | 15.05% |
| Class 1A (Employers only) | 15.05% on the amounts of taxable benefits |
| Class 1B (Employers only) | 15.05% on PAYE |
| Class 2 (Self employed) | £3.15 per week (unless earnings drop below first bracket) |
| Class 3 (Voluntary) | £15.85 per week |
| Class 4 (Self employed) | 10.25% of profits between £11,908 & £50,270 |
CAPITAL GAINS TAX
| Capital Gains Tax – Annual Exempt Amount | 2022-2023 | 2021-2022 |
| Individuals | £12,300 | £12,300 |
| Trusts | £6150 | £6150 |
| Standard rates | 10% | 10% |
| Higher rates | 20% | 20% |
NATIONAL & MINIMUM WAGE
| National Living Wage | 2022-2023 | 2021-2022 |
| Age 23 & over | £9.50 | £8.91 |
| National Minimum Wage | 2022-2023 | 2021-2022 |
| Age 21-22 | £9.18 | £8.36 |
| Age 18-20 | £6.83 | £6.56 |
| Age 16-17 | £4.81 | £4.62 |
| Apprentice rate | £4.81 | £4.30 |
CAPITAL ALLOWANCES
| Capital Allowances | 2022-2023 | 2021-2022 |
| Main writing down allowance | 18% | 18% |
| Long life assets | 6% | 6% |
| First year allowances – super deduction | 130% | 130% |
| First year allowances – special rate | 50% | 50% |
| First year allowances –other | 100% | 100% |
| R&D SME scheme | 230% | 230% |
| R&D expenditure credit | 13% | 13% |
| Annual Investment Allowance | £1,000,000 | £1,000,000 |
| Structures and building allowance | 3% | 3% |
PROPERTY & STAMP DUTY
| Stamp Duty Land Tax Rates (England) | Residential Property |
| 0% | £0-£125,000 |
| 2% | £125,001-£250,000 |
| 5% | £250,001-£925,000 |
| 10% | £925,001-£1,500,000 |
| 12% | Over £1,500,000 |
| Rates | Non-Residential and Mixed Use Property |
| 0% | £0-£150,000 |
| 1% | £150,001-£250,000 |
| 5% | Over £250,000 |
| Land & Buildings Transaction Tax (Scotland) | Residential Property |
| 0% | £0-£145,000 |
| 2% | £145,001-£250,000 |
| 5% | £250,001-325,000 |
| 10% | £325,001-£750,000 |
| 12% | Over £750,000 |
| Rates | Non-Residential and Mixed Use Property |
| 0% | £0-£150,000 |
| 1% | £150,001-£250,000 |
| 5% | Over £250,000 |
| Stamp Duty Land Tax Rates (England) | Residential Property |
| 0% | £0-£180,000 |
| 3.5% | £180,001-£250,000 |
| 5% | £250,001-£400,000 |
| 7.5% | £400,001-£750,000 |
| 10% | £750,001-£1,500,000 |
| 12% | Over £1,500,000 |
| Rates | Non-Residential and Mixed Use Property |
| 0% | £0-£225,000 |
| 1% | £225,001-£250,000 |
| 5% | £250,001-£1000,00 |
| 6% | Over £1,000,000 |
CORPORATION TAX
| Corporation Tax | 2022 | 2021 |
| Main rate | 19% | 19% |
| Loans to participators | 33.75% | 32.5% |
VAT
| VAT | Amounts & Rates |
| Annual registration limit from April 1 2022 | £85,000 |
| Annual de-registration limit from April 1 2022 | £83,000 |
| VAT cash accounting scheme threshold | £1,350,000 |
| VAT annual accounting scheme threshold | £1,350,000 |
| Standard rate | 20% |
| Reduced rate | 5% |
| Zero rate | 0% |
PENSIONS
| Pensions | 2022-2023 | 2021-2022 |
| Lifetime allowance | £1,073,100 | £1,073,100 |
| Maximum annual contribution | £40,000 | £40,000 |
| Tax on excess | Marginal rate | Marginal rate |
| Normal pensions age | 55 | 55 |
| Money purchase annual allowance | £4000 | £4000 |
INHERITANCE TAX
| Inheritance Tax | 2022-2023 | 2021-2022 |
| Nil Band for individuals | £325,000 | £325,000 |
| Thereafter – Lifetime gift | 20% | 20% |
| Thereafter – Lower rate on death | 36% | 36% |
| Thereafter – on death | 40% | 40% |
| Residence nil rate band | £175,000 | £175,000 |
| Years Before Years Before Death | 0-3 | 3-4 | 4-5 | 5-6 | 6-7 |
| % of death charge | %100 | 80% | 60% | 40% | 20% |
| Main Exempt Lifetime Gifts | Amount |
| Recurring annual gifts out of surplus income | Unlimited |
| Annual gifts out of capital | £3000 |
| Small gifts | £250 |
| Parental gift on marriage | £5000 |
| Grandparent or party to marriage | £2500 |
| Other gifts | £1000 |
| Business Relief | Amount |
| Shares in unquoted companies | 100% |
| Shares in quoted companies – up to 50% | None |
| Shares in quoted companies – over 50% | 50% |
| Unincorporated business or interest in business | 100% |
| Land, buildings and plant machinery in deceased estate | 50% |
TAX FAVOURED INVESTMENTS
| ISA’s | 2022-2023 | 2021-2022 |
| ISA limit | £20,000 | £20,000 |
| Lifetime ISA | £4000 | £4000 |
| Junior ISA | £9000 | £9000 |
| Venture Capital Trusts | Income relief up to 30% of investments up to £200,000 |
| Enterprise Investment Scheme | Income relief up to 30% of qualifying shar subscriptions up to £1,000,000 |
| Seed Enterprise Investment Scheme | Income tax relief of u50% minimum on max of £100,00 with rollover chargeable gains |
CAR, VAN & FUEL BENEFITS
| Car Mileage Allowance / Van Benefit | 2022-2023 | 2021-2022 |
| Cars and Vans – up to 10,000 miles | 45p | 45p |
| Cars and Vans – over 10,000 miles | 25p | 25p |
| Motorcycles | 24p | 24p |
| Bicycles | 20p | 20p |
| Van benefit | £3600 | £3500 |
| Fuel benefit | £668 | £669 |
Introducing Fintuity – The UK’s Digital IFA!
Fintuity is like a traditional IFA, only we are an online adviser which means we can offer a more cost effective, time-sensitive and flexible service! We offer the full range of IFA services via our digital platform, at below industry rates and at your convenience. Please do not hesitate to get in touch to see how we can assist you.
For all enquiries please visit www.fintuity.com or contact Fintuity’s Communications Manager, Nic Cobb at nic.cobb@fintuity.com.
Please Note: All information, references and dates included in this article were accurate at the time of publishing.
