Useful Information


Mortgages for Seafarers
Applying for a mortgage as a seafarer can be problematic. Ask your Tax Adviser for more information about our preferred mortgage provider, who specialise in mortgages for Seafarers.

Income tax rates and allowances

Income Tax Allowances

Income Tax Allowances Table 2023-24 and 2024-25

Income Tax allowances

2023-24

2024-25

Personal Allowance for people born after 5 April 1948

£12,570

£12,570

Income limit for Personal Allowance (1)

£100,000

£100,000

Transferable tax allowance for married couples and civil partners (2)

 

 £1,260

 £1,260

 

  1. The Personal Allowance reduces where the income is above £100,000 - by £1 for every £2 of income above the £100,000 limit. It can go down to zero, and this reduction applies irrespective of age or date of birth.
  2. Available to spouses/civil partners born after 5 April 1938. This allowance is 10% of the personal allowance for those born after 5 April 1938. It allows a spouse or civil partner who is not liable to income tax above the basic rate, to transfer this amount of their personal allowance to their spouse/civil partner. The recipient must not be liable to tax above the basic rate. The recipient is eligible to a tax reduction of 20% of the transferred amount. More information can be found here; https://www.gov.uk/marriage-allowance.

 

Income tax rates are different if you live in Scotland.

 

Income Tax Allowances in Scotland

Income Tax Allowances for Scottish tax year 2024-25

Band

Taxable Income

Scottish Tax Rate

Personal Allowance

Up to £12,570

0%

Starter Rate

£12,571 to £14,876

19%

Basic Rate

£14,877 to £26,561

20%

Intermediate Rate

£26,562 to £43,662

21%

Higher Rate

£43,663 to £75,000

42%

Advanced Rate

£75,001 to £125,140

45%

Top Rate

over £125,140

48%