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HMRC INVESTIGATION

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Budget 18 March 2015

BRIEF HIGHLIGHTS OF TAX CHANGES:

> Corporation tax rate for 16/17 to stay at 20%;

> Class 2 NI to be abolished in next parliament;

> Abolish annual tax return for self-employed to be replaced by on-line account system in next parliament;

> No further amendments to alcohol and tobacco taxes that have already announced, except Beer duty cut by 1p per pint with cider and scotch duty reduced by 2%);

> Fuel duty increase due September is cancelled;

> Personal income tax allowance £10,800 16/17 and £11,000 17/18;

> Higher rate threshold up to £42,700 in 16/17 and £43,300 in 17/18;

> New help to buy ISA to be introduced to help first time buyers with 25% Government contributions up to £3,000;

> Personal savings allowance - first £1000 of interest on savings to be tax free from 16/17 (£500 for higher rate tax payers and £Nil for additional rate tax payers);

> Automatic deduction of 20% on bank interest with cease from 6 April 2016;

> VAT Registration threshhold up to £82,000 w.e.f. 1 April 2015.


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