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.
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