[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-400162-105":59,"doc-detail-400162-en":131},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":124,"head_meta":126,"extra_data":128,"updated_unix":130},105,"en","finance-act-2024-tx-uk-exam-study-summary-income-tax","Finance Act 2024 - TX-UK Exam Study Summary - Income Tax","","Summarises changes introduced by the Finance (No. 1) Act 2024 and the Finance (No. 2) Act 2024 for the UK tax year 2024-25, focusing on matters relevant to the TX-UK exam period 1 June 2025 to 31 March 2026. Covers key income tax updates including dividend nil rate band reduction, revised income tax rates and thresholds, the £12,570 personal allowance and its taper rules, and savings income treatment with applicable nil-rate band and banding for basic, higher and additional rates. Includes worked examples for adjusted net income and allowances.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/finance-act-2024-tx-uk-exam-study-summary-income-tax/400162/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/finance-act-2024-tx-uk-exam-study-summary-income-tax/400162.png","ImageObject",300,407,{"name":92,"@type":93},"asba","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-10","2026-09-27",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",16,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"Which Finance Acts does the summary cover for TX-UK 2024-25?","Question",{"text":113,"@type":114},"It summarises changes made by the Finance (No. 1) Act 2024 and the Finance (No. 2) Act 2024, applying to the legislation as it relates to the tax year 2024-25.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"How is the dividend nil rate band changed for 2024-25?",{"text":118,"@type":114},"The dividend income nil rate band is cut from £1,000 to £500 for the tax year 2024-25.",{"name":120,"@type":111,"acceptedAnswer":121},"What are the 2024-25 income tax personal allowance rules and taper?",{"text":122,"@type":114},"The personal allowance for 2024-25 is £12,570 and is reduced to nil when adjusted net income exceeds £100,000, decreasing by £1 for every £2 over £100,000.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},400162,1791331418,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":140,"language":141,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":142,"faqs":143,"seo_title":144,"seo_description":67,"update_tm":145,"read_time":146,"preview_page_count":4},3985747872567,"https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c","Finance Act 2024  \nRelevant to TX-UK  \nThis article looks at the changes made by the Finance (No. 1) Act 2024 and the Finance (No. 2) Act 2024 (which is the legislation as it relates to the tax year 2024-25) and should be read by those of you who are taking TX-UK in an exam in the period 1 June 2025 to 31 March 2026 .  \nThe aim of the article is to summarise the changes made by these two Finance Acts and to look at the more important changes in greater detail. The article also includes details of legislation which was enacted prior to 31 May 2024 but has only come into effect from 6 April 2024.  \nThe article does not refer to any amendments to the TX-UK syllabus coverage unless they directly relate to legislative changes and candidates should therefore consult the TX-UK Syllabus and Study Guide for the period 1 June 2025 to 31 March 2026 for details of such amendments.  \nPlease note that if you are sitting TX-UK in the period 1 June 2024 to 31 March 2025, you will be examined on the Finance Act 2023, which is the legislation as it relates to the tax year 2023-24. Therefore, this article is not relevant to you, and you should instead refer to the Finance Act 2023 article published on the ACCA website (See ‘Related links’) :  \n[https://www.accaglobal.com/gb/en/student/exam-support](https://www.accaglobal.com/gb/en/student/exam-support)  \nresources/fundamentals-exams-study-resources/f6/technicalarticles/finance-act-2023.html  \nYou are reminded that none of the current or impending devolved taxes for Scotland, Wales, and Northern Ireland are, or will be, examinable.  \nIncome tax  \nRates of income tax  \nThe dividend income nil rate band has been cut from £1,000 to £500.  \nThe rates of income tax for the tax year 2024-25 are therefore:  \nNormal Dividend rates rates  \nBasic rate Higher rate Additional rate  \n£1 - £37, 700 £37, 701 to £125, 140 £125, 141 and over  \n20%  \n40%  \n45%  \n8 .75%  \n33 .75%  \n39 .35%  \nSavings income nil rate band -Basic rate taxpayers £1,000  \n-Higher rate taxpayers £500  \nDividend nil rate band £500  \nA starting rate of 0% applies to savings income where it falls within the first £5,000 of taxable income.  \nPersonal allowance  \nThe personal allowance for the tax year 2024-25 is £12, 570.  \nThis is gradually reduced to nil where a person’s adjusted net income exceeds £100,000 . Adjusted net income is net income (total income less deductions for gross pension contributions to an employer’s occupational pension scheme, loss relief and deductible interest payments) less the gross amount of personal pension contributions and gift aid donations.  \nThe personal allowance is reduced by £1 for every £2 by which a person’s adjusted net income exceeds £100,000 . Therefore, a person with adjusted net income of £125, 140 or more is not entitled to any personal allowance ( ( 125, 140 – 100,000)/2 =£12, 570). Where a person has adjusted net income of between £100,000 and £125, 140, then the effective marginal rate of income tax is 60% . This is the higher rate of 40% on income plus an additional 20% as a result of the withdrawal of the personal allowance. In this situation, it may be beneficial to make additional personal pension contributions or gift aid donations.  \n\n| Example 1 |  |  |  |\n| --- | --- | --- | --- |\n|  |  |  |  |\n| For the tax year 2024-25, June has £184,000 . Her income tax liability is:\u003Cbr>Trading profit\u003Cbr>Personal allowance | a | trading | profit of\u003Cbr>£\u003Cbr>184,000 0 |\n\nTaxable income 184,000  \nIncome tax: 37, 700 at 20%  \n87 , 440 at 40%  \n58 , 860 at 45%  \nTax liability  \n\n| 7 , 540\u003Cbr>34, 976 26 , 487 |\n| --- |\n| 69, 003 |\n\nNo personal allowance is available because June’s adjusted net income of £184,000 exceeds £125, 140.  \nExample 2  \nFor the tax year 2024-25, May has a trading profit of £159,000 . During the year, May made net personal pension contributions of £32,000 and a net gift aid donation of £9,600 . Her income tax liability is:  \nTrading profit  \nPersonal allowance  \nTaxable income  \nIn","cbCaipjUeOkjaxvD","https://ap.wps.com/l/cbCaipjUeOkjaxvD","pdf",1262714,62,"English","# Income tax\n## Dividend income and dividend nil rate band\n## Income tax rates and thresholds (2024-25)\n## Savings income treatment and nil-rate band\n## Personal allowance rules and tapering\n## Worked examples","[{\"question\":\"Which Finance Acts does the summary cover for TX-UK 2024-25?\",\"answer\":\"It summarises changes made by the Finance (No. 1) Act 2024 and the Finance (No. 2) Act 2024, applying to the legislation as it relates to the tax year 2024-25.\"},{\"question\":\"How is the dividend nil rate band changed for 2024-25?\",\"answer\":\"The dividend income nil rate band is cut from £1,000 to £500 for the tax year 2024-25.\"},{\"question\":\"What are the 2024-25 income tax personal allowance rules and taper?\",\"answer\":\"The personal allowance for 2024-25 is £12,570 and is reduced to nil when adjusted net income exceeds £100,000, decreasing by £1 for every £2 over £100,000.\"}]","Finance Act 2024 - TX-UK Exam Study Summary - Income Tax | PDF",1790508335,156]