Budget 18th March 2015 Highlights
Chancellor has announced abolition of the Annual Tax Return. Information will be automatically loaded
into digital tax accounts instead. This will rely on employers, banks, pension providers and other
institutions linking directly to HMRC.
Personal allowance £10,600 April 2015
£10,800 April 2016
£11,000 April 2017
Transferable Married Couples Allowance increases to £1,100
The 40p income tax threshold rises above inflation to £42,385 in 2016 and £43,300 by 2017/18
Class 2 contributions for self-employed to be abolished in next Parliament Employers NI for under 21s will be
abolished from April 2015 and for young apprentices from April 2016
A major review of the Business Rate system has been announced.