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Upcoming changes already announced

The main rate of corporation tax reduces on 1 April 2014 to 21 per cent and on 1 April 2015 to 20 per cent.

On 6 April 2014 the annual pension allowance reduces from £50,000 to £40,000 and the lifetime allowance reduces from £1.5 million to £1.25 million.

From 6 April 2014 the personal allowance will be £10,000. The lower rate threshold will be £31,865, the higher rate threshold will increase to £41,865.

From April 2014, businesses may claim £2,000 a year against employer's national insurance.

In 2015, it is intended to introduce a transferable allowance between married couples and civil partners where one of them has little or no income. A new scheme of childcare tax relief is also planned.

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