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Budget 18th March 2015 Highlights

Tax Returns
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.

Income Tax
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

National Insurance
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

Business Rates
A major review of the Business Rate system has been announced.