Chartered Tax Advisers & Accountants

Budget 2015 – At a Glance

Published On: 20 March 2015
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National Minimum Wage

Age

Current Rate

From 1 October 2015

 Apprentice

£2.73

£3.30

 16 to 17

£3.79

£3.87

 18 to 20

£5.13

£5.30

 21 and over

£6.50

£6.70

 

Personal Allowance and Income Tax Threshold

 

From April 2015

From April 2016

 Personal Allowance

 £10,600

 £10,800

 Transferable Allowance

 £1,060

 £1,080

 Saver’s Tax Rate

 £0 – £5,000 @ 0%

 £0 – £5,000 @ 0%

 Income Tax Thresholds

 £0 – £31,785                @ 20%

 £31,786 – £150K         @ 40%

 Over £150K                 @ 45%

 £0 – £31,900                @ 20%

 £31,901 – £150K         @ 40%

 Over £150K                 @ 45%

 Capital Gains Tax

 Exemption – £11,100

 Exemption – TBC

 Employee Benefits in Kind

 Car fuel benefit charge  multiplier – £22,100

 Van benefit charge – £3,150

 Zero emission van benefit  charge – £630

 Van fuel benefit charge – £594

 Car fuel benefit charge  multiplier – TBC

 Van benefit charge – TBC

 Zero emission van benefit  charge – 40% of the van  benefit charge

 Van fuel benefit charge – TBC

 

VAT Registration

 

From April 2015

From April 2016

 Registration

£82,000

TBC

 Deregistration

£80,000

TBC

 

Businesses

 

From April 2015

From April 2016

 Corporation Tax Rate

20%

20%

 Annual Investment Allowance

Max £500,000 per 12 month period until 31 December 2015

From 1 January 2016 Max. £25,000 per 12 month period

 

From 1 January 2016 Max. £25,000 per 12 month period