National Minimum Wage and National Living Wage rates will increase to the following on 01/04/2023:
- Aged 23 and over £10.42
- Aged 21 to 22 £10.18
- Aged 18 to 20 £7.49
- Under 18 £5.28
- Apprentice (in first year of an apprenticeship) £5.28
For further information, please see the GOV.UK guidance page by clicking here.
Personal Allowance, Income Tax and Employee’s NI thresholds will be frozen for a further two years, up to March 2028. The rates and thresholds will be:
- Personal Allowance £12,570 (tax rate 0%)
- Basic rate at 20% on taxable income £12,571 to £37,700
- Higher rate at 40% on taxable income £37,701 to £125,140
- Additional rate at 45% on taxable income over £125,140
- Employee National Insurance threshold of £12,570 (in line with taxation)
For further information, please see the GOV.UK guidance page by clicking here.
Employer’s Class 1 National Insurance threshold for 23/24 will be frozen at £9,100 until April 2028 and the Employment Allowance will remain at £5,000. For further information, please see the GOV.UK guidance page by clicking here
Student Loan Repayment Thresholds for 23/24 will be:
- Plan 1 – £22,015
- Plan 2 – £27,295
- Plan 4 – £27,660
- Postgraduate Loan – £21,000
The percentage rates will remain the same as previous years (9% for Plans 1, 2 & 4, and 6% for postgraduate loans).
For further information, please see the GOV.UK guidance page by clicking here