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Statutory Parameters for 2022/2023 Tax YearThe breakdown of all UK statutory parameters for each tax year can be found here. Tax Bands/Tax RatesThe tax rates for England/Northern Ireland, Wales and Scotland have not changed from the previous tax year. The tax bands for England/Northern Ireland and Wales have not changed from the previous tax year. The tax bands for Scotland have changed.
Emergency Tax CodeThe Emergency Tax Code of 1257L has not changed. Tax Code UpliftThere is no tax code uplift for 2022/23 tax year. National Insurance Thresholds/RatesThe National Insurance Thresholds have changed. Please refer to Statutory Parameters for Each Tax Year page for details. The breakdown of the thresholds has changed due to the introduction of FUST threshold for Freeport National Insurance. In the table below, it shows the parameter values for each threshold and percentage rate used for weekly frequency. The Statutory Parameters for Each Tax Year link shows Monthly and 2 Weekly breakdown. To fund the NHS and social care across the UK, the National Insurance contributions have been increased by 1.25% for both employee and employer contributions. The table below demonstrates the percentage values that will be charged for the thresholds of pay (using a weekly frequency) for the different National Insurance Categories.
This table gives an example of what the increase will mean in monetary terms comparing to 2021/2022 tax year.
Student Loan/Postgraduate LoanThe percentage deduction rates have not changed. Plan Type 1 and 4 threshold values have changed.
Statutory PaymentsStatutory Payments have changed.
When you download the new tax year and import the statutory parameters, FastTrack360 will automatically up-rate existing statutory values against payees who have SMP/SAP/SPP/ShPP payments determined for the new tax year. This is currently not available for Statutory Parental Bereavement Pay as these values are applied directly in the pay batch. For SSP, during the pay batch process, the FastTrack360 will determine the change in the daily SSP rate when a sick period spans the 2 tax years. Apprenticeship LevyApprenticeship Levy of 0.5% and annual allowance of £15000 has not changed. Employment AllowanceEmployment Allowance of £4000 has not changed. Pension ThresholdsPension threshold parameters has not changed from 2021/2022 tax year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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