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.
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