For the tax year 2023-2024 in England, there have been several key changes to income tax rates and allowances, as well as to National Insurance contributions. Here’s an overview:

Income Tax Rates and Allowances

• The standard Personal Allowance remains at £12,570. This is the amount of income you do not have to pay tax on unless your income is over £100,000, at which point it decreases.
• The income tax bands are as follows:

• • Personal Allowance: Up to £12,570 at 0% tax.
  • Basic rate: £12,571 to £50,270 at 20% tax.
  • Higher rate: £50,271 to £125,140 at 40% tax.
  • Additional rate: Over £125,140 at 45% tax.

National Insurance Contributions

• Between 6 April 2023 and 5 January 2024, the rate for employees was set at 12% on earnings between the primary threshold and the upper earnings limit. From 6 January 2024, this rate has been reduced to 10%.
• The primary threshold for 2023/24 is set at £242 per week. The upper earnings limit aligns with the income tax higher rate threshold at £967 per week.
• Employers’ National Insurance contributions are set at 13.8% on earnings above the secondary threshold, which is set at £175 per week for 2023/24.

Other Key Points

• The Marriage Allowance allows individuals who earn less than the Personal Allowance to transfer up to £1,260 of their allowance to their spouse or civil partner, provided the recipient does not pay more than the basic rate of tax.

These changes are part of the government’s adjustments outlined in the Spring Budget 2023 and the Autumn Statement 2023, aiming to address various economic conditions and priorities