The Budget and Tax Rate Cards
On Wednesday, 8th July 2015, MP George Osborne delivered the first Conservative Budget in 19 years. Osborne pledged a "Higher wage, lower tax” Britain, which included benefit cuts, an increased national wage and a new taxation on dividends.
Main tax proposals announced in the Summer Budget 2015 include:
- Allowances and Thresholds - In 2016/17 the personal allowance will increase to £11,000 and the higher rate tax threshold will increase to £43,000.
- Dividends - From April 2016 the dividend tax credit will be replaced with a dividend tax allowance of £5,000. The new tax rates will be 7.5%, 32.5% and 38.1%.
- Corporation Tax - The rate will be cut to 19% in 2017 and 18% in 2020.
- Employment Allowance - Raised by £1,000 to £3,000 from April 2016 however will no longer be available to companies where the director is the sole employee.
- Travel and Subsistence - Relief will be restricted for employees that are supervised, directed and controlled.
For more information please read our Summer Budget 2015 guide.
Tax Rates & Allowances
We have produced some useful tax data cards which contain the relevant amounts for the tax year. Please click on any of the following links to download one of our free tax data cards: