On 16 March 2016, the Chancellor of the Exchequer, George Osborne, delivered his budget for 2016 with changes to the UK tax regime. In comparison to the previous summer budget, the new one is inward looking with no direct attacks on non-UK resident individuals and non-doms.
The 2016 budget delivered a few tax changes including the rate of corporation tax falling from the current 20% to 17% by the year of 2020.
It also includes a new small business tax relief measure where the relief has been raised from £6,000 to £15,000.
Additionally, the anti-avoidance and evasion measures have been projected to raise £12 billion by 2020.
Source: Henry Ker - mondaq.com 29 March 2016