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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. £ £

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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-31928641http://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

12 3 4 5 6 7 89 10 11 12 13 14 1516 17 18 19 20 21 222330

2431

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.

££