On 16 March 2016, the Chancellor of the Exchequer George Osborne delivered the UK Budget 2016 to the House of Commons. The main tax related measures of the budget are summarized as follows.
Individual Income Tax
The personal allowance will be increased to GBP 11,000 for 2016-17 (already approved), and will be increased to GBP 11,500 in 2017-18. In addition, the 40% rate threshold will be increased to GBP 43,000 for 2016-17 (already approved), and will be increased to GBP 45,000 for 2017-18…