Budget 2015: Tax card

Budget 2015: Tax card

KPMG's annual listing of changes to the UK tax regime in the spring Budget


Tax Partner - Head of EU Tax Group

KPMG in the UK


Also on KPMG.com

Tax Rate Card PDF Cover

This annual publication of tables sets out the updated rates and thresholds for various taxes and tax relief for the 2014-15 and 2015-16 tax years. These amounts are based on changes announced in the Chancellor’s Budget in March 2015 and is correct as of 25 March 2015.

Key highlights:

  • Corporation tax – 20% from 2015
  • VAT – 20%
  • Income tax – basic rate 20%, higher rate 40%, top rate 45%
  • Capital gains tax – basic rate taxpayers 18%, higher rate taxpayers 28% 
  • Personal allowance - £10,600 from 2015, £10,800 from 2016 and £11,000 from 2017
  • 40% tax rate threshold - £42,385 from 2015, £42,700 from 2016, £43,300 from 2017
  • The abolition of employers NICs for under 21 year olds and apprentices under 25 from 2015

The budget proposals and other tax changes are summarised on this page. The proposals may, however, be amended significantly before enactment. The content of this communication is intended to provide a general guide to the subject matter and should not be regarded as a basis for ascertaining liability to tax or determining investment strategy in specific circumstances. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.

Chancellor's Budget 2015

Chancellor's Budget 2015

Wednesday 18 March 2015

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This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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