The budget document summarizes key points from the UK's 2015 budget announcement, including changes to tax rates and thresholds. It notes that the threshold for the higher income tax rate will rise to £43,300 by 2017-18. The budget also outlined plans to abolish self-employed national insurance contributions and phase out paper tax returns in favor of online accounts. Measures to crack down on tax avoidance by businesses and inheritance tax were also mentioned.

1. THE BUDGET 2015
Tax rates & thresholds
Abolished
Businesses
Tax Avoidance
£42,385
£43,300
This year’s budget showed us how Britain’s tax rates have
changed over the years and what’s in store for them in the future.
The Chancellor also announced some schemes and processes
that will end in the following years.
Changes to business rates and corporation tax were also
mentioned during this year’s budget announcement.
A series of measures to help the Government clamp down on tax
avoidance were also announced yesterday.
Statistics and information obtained from:
HM Treasury Budget - March 2015:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413949/47881_Budget_2015_Web_Accessible.pdf
bbc.co.uk:
http://m.bbc.co.uk/news/uk-politics-31928641
http://m.bbc.co.uk/news/uk-politics-31961405
The theshold at
which people
pay the higher
tax rate is rising
above inflation,
from £42,385
this year to
£43,300 by
2017-18.
100%
50%
0% £
25%
27%
The top 1% of taxpayers will have to
pay 27% of total income tax in 2015,
up from 25% in 2010.
Annual Tax Return
Over the next few years Class 2 National Insurance Contributions for the self-employed
are to be abolished entirely and by 2020 the Government aims to get rid of annual paper
tax returns in favour of real time online accounts.
100%GREATER
MANCHESTER
Starting in April, Greater Manchester
and 3 other counties will keep 100%
of additional growth in business
rates.
Also starting from the 1st April, main
rate corporation tax will be cut to
20%, giving Britain the lowest
corporate tax rate in the G20.
APRIL
1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23
30
24
31
25 26 27 28 29
2010 2015
It was announced during the budget that the
Government will take more action and clamp down on
people and businesses avoiding tax.
Tax on diverted profits, aimed at multinational firms, will
come into effect next month and a review will be
conducted on the avoidance of inheritance tax through
the use of deeds of variation.
£
£