No tax payable for taxpayer with assessable income of £11,450 or less
Please note that Social Insurance has been increased effective as from 01/07/2024.
Gross Income Based (GIB) System Tax Rates
| A) Up to £25,000 |
| First £10,000 @ 6% |
| Next £ 7,000 @ 20% |
| Balance @ 28% |
| B) Above £25,000 |
| First £ 17,000 @ 16% |
| Next £ 8,000 @ 19% |
| Next £ 15,000 @ 25% |
| Next £ 65,000 @ 28% |
| Balance @ 25% |
Allowance Based System (ABS) Tax Rates
| First £ 4,000 @ 14% |
| Next £12,000 @ 17% |
| Balance @ 39% |
A tax credit of £300 (or 2% if higher) will be given of their annual tax bill.
______________________________________________________________
Social Insurance contributions has been increased his year as under:
Employee
10% on Gross earnings Per Week with Maximum of £38.85 and Minimum of £13.65
Married Woman
£15.95 (Per Week) (Not Changed)
Employer
18% on Gross earnings Per Week with Maximum of £53.55 and Minimum at £30.45
Self Employed
20% on Gross earnings Per Week with Maximum of £51.00 and Minimum of £29.00 (Not Changed)
Minimum Wage (per Hour)
Increased to £8.90 (effective from 1st August 2024)