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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.
££