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Tax rates and allowances: How to maximise your tax-free income

Shared from Tax Insider: Tax rates and allowances: How to maximise your tax-free income
By Sarah Bradford, January 2022

Sarah Bradford looks at the tax rates and allowances applying for 2022/23 and considers how to take advantage of allowances to maximise tax-free income. 

The tax rates and allowances that will apply for the 2022/23 tax year have now been confirmed. There were few surprises, as the Chancellor had announced in his March 2021 Budget that most rates and allowances would be frozen at their 2020/21 level until April 2026.  

The availability of different allowances for different types of income, and for capital gains, means that the opportunity for enjoying tax-free income and gains can be enhanced by having different income streams to benefit from the range of allowances available. 

Income tax rates 2022/23 

As for 2021/22, for 2022/23 the basic rate of income tax remains at 20% and applies to the first £37,700 of taxable

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