Headline tax rates and thresholds for the tax year 6 April 2015 to 5 April 2016.
The small profits rate paid by contractor companies stays at 20%.
Value Added Tax
The standard rate of VAT remains at 20%.
The basic, higher tax rate and additional rate on dividends remain unchanged:
Basic rate of 10%
Higher rate of 32.5%
Additional rate of 37.5%
Although the above are the official rate due to the tax credit of 10% on dividends the real rates of tax for dividends are:
Basic rate of 0%
Higher rate of 25%
Additional rate of 30.6%
The Personal Allowance rises by to £10,600.
For incomes of £100,000, the value of the personal allowance is still reduced by £1 for every £2 over the threshold.
Income Tax - Taxable Bands
The basic 20% rate of income tax applies between £10,600 and £42,385
The higher 40% rate applies between £42,385 and £150,000.
The additional 45% rate applies on income above £150,000.
National Insurance (NICs)
The employers' NIC rate stays at 13.8%. The employee's NIC rate stays at 12%.
Approved Mileage Allowance Payments (AMAPs)
The standard car rate stays at 45p for the first 10,000 miles, and 25p thereafter.
Pensions Savings - Tax Relief
The lifetime allowance is currently at £1.25m.
The annual allowance for personal contributions is currently at £40,000.
Capital Gains Tax
The annual allowance is rising by £100 to £11,100
The standard CGT rate for individuals remains at 18% (basic rate), and 28% (higher rate).
The lifetime allowance for Entrepreneurs' Relief is £10m.