PWM 2016 Budget

Introduction
This was the third Budget within the space of 12 months. It
threatened to be the most difficult of the trio because of
constraints imposed by June’s EU referendum and disappointing
economic numbers. Nevertheless, the Chancellor managed to
produce several surprises, including net tax cuts in 2017/18 and
2018/19 before reaching his often repeated goal of a budget
surplus in 2019/20.
Although the spectre of pension reforms had disappeared before
the Chancellor rose to his feet, he did announce something very
similar to a pension ISA in the form of a new Lifetime ISA for the
under-40s, starting in April 2017. Savers will also benefit from a
range of other measures, including an increase in the main ISA
limit to £20,000 in 2017/18, a reduction in the rates of capital
gains tax and an extension of entrepreneurs’ relief to external
investors in unlisted companies.
The personal allowance and higher rate
threshold for 2017/18 were given
significant increases – to £11,500 and
£45,000 respectively. Businesses will
welcome the long-awaited business
rates reform and a 17% corporation
tax rate from 2020.
BUDGET 16 MARCH 2016
page 2

page 3
PERSONAL TAXATION
Income tax allowances and reliefs 2016/17 2015/16
Personal (basic) £11,000 £10,600
Personal reduced by £1 for every £2 of net income over £100,000 £100,000
Transferable tax allowance for married couples/civil partners £1,100 £1,060
Personal (age) if born before 6/4/38* N/A £10,660
Married couples/civil partners (minimum) at 10%† £3,220 £3,220
Married couples/civil partners (maximum) at 10%*† £8,355 £8,355
Blind person’s allowance £2,290 £2,290
Rent-a-room tax-free income £7,500 £4,250
Venture capital trust (VCT) at 30% £200,000 £200,000
Enterprise investment scheme (EIS) at 30% £1,000,000 £1,000,000
EIS eligible for capital gains tax (CGT) deferral relief No limit No limit
Seed EIS (SEIS) at 50% £100,000 £100,000
SEIS CGT reinvestment relief 50% 50%
Registered pension scheme
• annual allowance £40,000‡ £80,000
• money purchase annual allowance £10,000 £20,000
• lifetime allowance £1,000,000 £1,250,000
* Reduced by £1 for every £2 of income over £27,700, until basic minimum reached.
† Where at least one spouse/civil partner was born before 6/4/35.
‡ 50% taper down to £10,000 if threshold income over £110,000 and adjusted income over £150,000.
Rates 2016/17 2015/16
Starting rate at 0% – on savings income up to^ £5,000 £5,000
Savings allowance at 0% tax: basic rate taxpayers £1,000 N/A
• higher rate taxpayers £500 N/A
• additional rate taxpayers N/A N/A
Basic rate of 20% on income up to £32,000 £31,785
Higher rate of 40% on income up to £150,000 from £32,001 £31,786
Additional rate of 45% on income over £150,000 £150,000
Dividend tax credit N/A 10%
Dividend allowance at 0% tax – all individuals £5,000 N/A
Tax rate on dividends based on Dividend Dividend +
tax credit
• basic rate taxpayers 7.5% 10%
• higher rate taxpayers 32.5% 32.5%
• additional rate taxpayers 38.1% 37.5%
Trusts
• standard rate band generally £1,000 £1,000
• dividends (rate applicable to trusts) 38.1% 37.5%
• other income (rate applicable to trusts) 45% 45%
Child benefit charge: 1% of benefit per £100 of income between £50,000 and £60,000
^ Not available if taxable non-savings income exceeds the starting rate band.

saver
Protect your personal
allowance. In 2016/17
your personal allowance
of £11,000 is reduced by
50p for every pound your
income is over £100,000.
If you can reduce your
income below £100,000,
e.g. by making a pension
contribution or charitable
gift, you should benefit
from the full allowance.
£
PERSONAL TAXATION
Income tax and National Insurance contributions
The personal allowance will increase to £11,500 and the higher
rate threshold will rise to £45,000 for 2017/18. The National
Insurance contribution (NIC) upper earnings limit will also
increase to remain aligned with the higher rate threshold.
Employment allowance – employing illegal workers
One year’s employment allowance (worth up to £3,000 of NICs in
2016/17) will be removed from employers who are charged civil
penalties by the Home Office for employing illegal workers from
April 2018.
Property and trading allowances
From April 2017 there will be a new £1,000 allowance for
property income and also a £1,000 allowance for trading income.
Individuals with property income or trading income within this
allowance will no longer need to declare or pay tax, and they can
choose to pay tax on the excess income over the allowance rather
than calculate their actual profit.
Termination payments
From April 2018, employment termination payments over £30,000
liable to income tax will also be subject to employers’ NICs.
Restriction on landlords’ interest relief
The phased restriction of tax relief on interest payments by
residential property landlords will start in April 2017 as already
legislated. Finance Bill 2016 will make some clarifications and
amendments to ensure it operates as intended. So beneficiaries
of deceased persons’ estates will be entitled to the basic rate tax
reduction.
Sporting testimonials
From April 2017 there will be an exemption of £100,000 (not
£50,000 as suggested in the 2015 Autumn Statement) for employed
sportspersons on income from sporting testimonials that are not
contractual or customary.
page 4

Employee benefits
Voluntary payrolling will be extended to non-cash vouchers and
credit tokens from April 2017. Employers must use any specific
statutory provisions for calculating the tax charge on benefits-in-
kind. The exemption for trivial benefits (usually up to £50) will
be introduced as planned from April 2016, with a corresponding
NIC exemption later in the year. The changes to travel and
subsistence expenditure for workers engaged through an
employment intermediary will be legislated as planned in Finance
Bill 2016, but the government has decided after consultation not
to make further changes.
Off-payroll working in the public sector
From April 2017, public sector bodies and agencies will be made
responsible for operating the tax rules for individuals who work
in the public sector off-payroll through limited companies.
Loans to participators
The loans to participators tax rate will be increased from 6 April
2016 to 32.5%, keeping it aligned with the higher rate of tax
charged on dividend income.
Non-domiciles
Non-UK domiciled individuals who become deemed UK domiciled
in April 2017 will be able to treat the cost base of their non-UK
assets as being their market value on 6 April 2017. There will be
transitional provisions for those who become deemed domiciled
under the 15 out of 20 years rule. This is intended to provide
certainty on how amounts remitted to the UK will be taxed.
Employee management incentive (EMI)
A rights issue related to shares received on the exercise of an
EMI share option will be treated in the same way as other rights
issues for the purpose of identification. The new shares will be
treated as acquired at the same time as the original shares.
Disguised remuneration
The reliefs under the disguised remuneration rules will be denied
where they have been used as part of a tax avoidance scheme
entered into after 15 March 2016. Following consultation
think ahead
The tax rules for non-
doms are due to change
significantly in April 2017.
Take advice now for
possible ways to save tax.
>

there will be a new charge on loans paid through disguised
remuneration schemes that have not been taxed and remain
outstanding on 5 April 2019.
Tax-free childcare
Tax-free childcare will be rolled out for children under age 12
from early 2017. The existing employer-supported childcare
scheme will remain open to new entrants until April 2018.
Transport benefits
Fuel duty remains frozen, but the fuel and van benefit charge
multipliers will rise by RPI in April 2017. CO2 emissions will remain
the basis for the company car tax charge from 2020/21. There will
be a consultation on reforming the bands for ultra-low emission
vehicles (below 75g/km) to refocus incentives on the cleanest cars.
PENSIONS, SAVINGS AND INVESTMENTS
Lifetime ISA and ISA limit
A new Lifetime ISA will be available from April 2017 for adults
aged under 40. There will be an annual contribution limit of
£4,000 and savers will receive a 25% government bonus, i.e.
£1,000 bonus for every £4,000 contributed. Funds, including
the bonus, can be used to buy a first home at any time from
12 months after opening an account. They can be withdrawn
tax free from age 60 for other purposes. The overall annual ISA
subscription limit will be increased to £20,000 from 6 April 2017.
ISAs – tax advantages during the administration period
The ISA savings of a deceased person will continue to benefit
from ISA tax advantages during the administration of their estate.
Help to Save
Individuals in low-income working households (e.g. those receiving
Universal Credit) will be able to save up to £50 a month in a Help
to Save account and receive a 50% government bonus after two
years. Account holders can then choose to continue saving for a
further two years’ bonus.
Pension flexibility
There will be a number of changes to the pension flexibility rules.
saver
Check that you and your
partner have optimised
your ownership of
investment and savings.
The new personal savings
allowance and dividend
allowance mean a new
approach could be
required.
£

These include making lump sums payable on serious ill-health
tax free before age 75 and taxable at the individual’s marginal
rate when paid at age 75 or more. It will be possible to convert
dependants’ flexi-access drawdown accounts to nominees’ accounts
when dependants reach the age of 23, thereby avoiding a 45%
lump sum tax charge.
A trivial commutation lump sum payment will be allowed for
defined contribution pensions in payment, where total pension
savings would be under £30,000. Top-ups to fund dependants’
death benefits will be classed as authorised payments. Changes
will also be made to the treatment of charity lump sum death
benefits. The measures will take effect from the date of Royal
Assent to Finance Bill 2016.
Dependant scheme pensions
The calculation basis to determine whether a dependant’s scheme
pension exceeds the authorised limit will be simplified with effect
from 6 April 2016.
Bridging pensions
The tax rules on bridging pensions will be aligned with Department
for Work and Pensions legislation following the introduction of
the single-tier pension from 6 April 2016.
Employer financed pension advice
The income tax and NICs relief available for employer-arranged
pension advice will be increased from £150 to £500 from April
2017, ensuring that the first £500 of any advice received is
eligible for the relief.
Life insurance policies
The tax rules for part surrenders and part assignments of life
insurance policies will be changed to prevent excessive tax charges
arising on these products. The legislation is due in Finance Bill
2017, following consultation.
There will also be a consultation on changes to the categories
of assets that life insurance policyholders can choose to invest in
without giving rise to an annual tax charge under the personal
portfolio bond legislation.
saver
Consider whether the
20% reduction in the
lifetime allowance for
2016/17 means you
should claim one of
the new transitional
protections.
£

Automatic deduction of savings income tax
Open-ended investment companies, authorised unit trusts,
investment trust companies and peer-to-peer loan platforms will
be able to pay interest without deduction of income tax from
April 2017.
CAPITAL TAXES
Capital gains tax
The higher rate of capital gains tax (CGT) will be reduced from
28% to 20% and the lower rate will reduce from 18% to 10%
with effect from 6 April 2016. The 28% and 18% rates will
continue to apply to carried interests and to chargeable gains on
residential property.
Entrepreneurs’ relief
Entrepreneurs’ relief will be available on a disposal of a privately
held qualifying asset when the accompanying disposal of business
assets is to a family member. This provision is backdated to
disposals after 17 March 2015. This mitigates the effect of the
Finance Act 2015 changes which adversely impacted on sales
of a business to members of a claimant’s family under normal
succession arrangements.
Relief will also be available, subject to certain conditions, on gains
on the goodwill of a business when that business is transferred to
a company controlled by five or fewer persons or by its directors.
This will be backdated to disposals after 2 December 2014. In
some cases involving joint ventures and partnerships, it will
be possible to claim relief even though the 5% minimum holding
conditions are not met; this applies to disposals from 18 March
2015.
The 10% rate of CGT will be extended to external investors who
are not employees or officers of the company whose shares they
acquire. The shares must be newly issued for new consideration,
be in a trading company or holding company of a trading group,
be issued after 16 March 2016, be held for at least three years
from 6 April 2016, and be held continually for three years
until disposal. This will be subject to a separate lifetime limit of
£10 million of gains.
page 8
saver
CGT rates are coming
down on most
investments after 5 April
2016. Think about the
timing of your disposals
for both gains and losses.
£

Employee shareholder status
An individual lifetime limit of £100,000 will be introduced for
arrangements entered into after 16 March 2016 on gains eligible
for CGT exemption through employee shareholder status.
Stamp duty land tax
The extra 3% stamp duty land tax (SDLT) will apply to purchases
of additional residential properties from 1 April 2016. Following
consultation there will be no exemption from the higher rates for
significant investors. Purchasers will have 36 months (rather than
18 months as originally proposed) to claim a refund of the higher
rate if they buy a new main residence before disposing of their
previous main residence.
Non-residential SDLT
The rates of SDLT on non-residential properties will be reformed
from a slab to a banding system similar to that for residential
properties. This takes effect from 17 March 2016 with transitional
provisions for properties where contracts have already been
exchanged. There will be a 0% rate up to £150,000, a 2% rate
for the next £100,000, and a 5% rate above £250,000. A new 2%
rate will apply to leasehold transactions with a net present value
over £5 million.
BUSINESS TAX
Corporation tax
The corporation tax rate, which is currently 20% and due to fall
to 19% in 2017, will be reduced to 17% from 1 April 2020.
Corporation tax payment dates
There will be a delay to the previously announced change to
corporation tax payment dates for companies with taxable
profits over £20 million. They will now apply to accounting
periods starting on or after 1 April 2019.
Corporation tax loss relief
The current streaming rules will become more
flexible. Losses arising on or after 1 April 2017 that
are carried forward will be usable against profits
from other income streams or the profits of other
page 9
saver
Check that you are still
trading through the
most appropriate vehicle
for your circumstances.
Incorporation makes sense
for some people – but the
new dividend tax rules
have changed the picture.
£

companies within a group. Also from 1 April 2017, companies
will only be able to use losses carried forward against up to
50% of their profits above £5 million. For groups, the £5 million
allowance will apply to the group.
The proportion of a banking company’s annual taxable profit
that can be offset by pre-April 2015 carried-forward losses will
reduce from 50% to 25% from 1 April 2016.
Capital allowances on cars
The 100% first year allowance (FYA) for businesses purchasing
low emission cars will be extended for a further three years
to April 2021. From April 2018 only cars with CO2 emissions of
50g/km will qualify for FYA (currently 75g/km). From the same
date, the CO2 emission threshold for the main rate of capital
allowances for cars will be reduced from 130g/km to 110g/km.
Research and Development (R&D) tax credits
Legislation for the small and medium enterprises (SME) R&D tax
credit scheme will be amended to ensure it continues to work as
intended after the previous large company scheme ends on
31 March 2016.
Museums and galleries tax relief
A new corporation tax relief for museums and galleries will
be available for temporary and touring exhibition costs from
1 April 2017.
Capital allowances and leasing
As previously announced, legislation to counter two types of
avoidance involving capital allowances and leasing will be effective
from 25 November 2015. The measure prevents companies from
artificially lowering the disposal value of plant and machinery,
and taxes as income any payment received for agreeing to
take responsibility for tax-deductible lease-related
payments.
page 10

Requirement for large businesses to publish tax strategies
Following consultation last year, new measures will be introduced
to improve large business tax compliance. They will include a
requirement that large businesses publish their tax strategies
and there will be special powers to tackle a minority of large
businesses that persistently engage in aggressive tax planning.
Offshore property developers
Special rules will ensure that the full amount of profits from
trading in UK land will always be subject to UK tax, whether
or not the person to whom they arise is UK resident. HMRC will
create a new taskforce to ensure tax on these profits is collected
effectively.
Royalty withholding tax
The regime for the deduction of tax at source will be changed
to bring all international royalty payments arising in the UK
within the charge to income tax, unless those taxing rights have
been given up under a double taxation agreement or the EU
Interest and Royalties Directive. UK withholding tax will apply to
a wider definition of royalty payments. There will be a domestic
anti-treaty abuse provision to prevent royalty payments being
paid to tax havens without deduction of tax via the use of
conduit companies. Withholding tax will apply to payments that
are attributable to a UK permanent establishment, even if the
payment of the royalty is not made from the UK.
Tax deductibility of corporate interest expenses
New rules that are in line with OECD recommendations will
target profit shifting through interest expenses from 1 April 2017.
They will limit the tax relief that large multinational enterprises
can claim for their interest expenses. A fixed ratio rule will limit
corporation tax deductions for net interest expense to 30% of
a group’s UK earnings before interest, tax, depreciation and
amortisation (EBITDA). There will also be a group ratio rule for
groups that have high external gearing for genuine commercial
purposes. To target the rules at large businesses, there will be
a de minimis group threshold of £2 million net of UK interest
expense.
page 11
saver
The AIA in 2016 is
£200,000, in 2015 it
was £500,000. If your
financial year has not yet
ended, plan your capital
expenditure carefully.
£

Addressing hybrid mismatches
From 1 January 2017 multinational enterprises will be prevented
from avoiding tax through the use of certain cross-border
business structures for finance transactions.
Patent box
The operation of the patent box will be modified, with effect
from 1 July 2016, to comply with the OECD’s new rules. The lower
tax rate will be made dependent on, and proportional to, the
extent of R&D expenditure incurred by the company claiming the
relief.
Transfer pricing
The UK transfer pricing rules will be updated in line with the
revisions to the OECD Transfer Pricing Guidelines, so that
interpreting the application of the UK rules will be done by
reference to the revised Guidelines. The government will consult
on whether to introduce secondary adjustment rules into the
UK’s transfer pricing legislation to address the underlying cash
benefit from incorrect transfer pricing and encourage broader
compliance with the legislation.
Trading income received in non-monetary form
New legislation will ensure that trading receipts in non-monetary
form are brought into account for tax purposes at their full value.
Company distributions
As previously announced, the transactions in securities rules
will be amended and a targeted anti-avoidance rule will be
introduced to prevent income being converted to capital to gain
a tax advantage.
Asset managers’ performance-linked rewards
There will be new rules to determine when performance awards
received by asset managers may be taxed as capital gains. An
award will be subject to income tax unless the underlying fund
undertakes long term investment activity.
page 12
think ahead
Your business might be
entitled to a valuable
R&D tax credit – even if
it doesn’t make a taxable
profit. Check out the
position; you might be
surprised what can qualify
and how much it could be
worth to you.
>

Substantial shareholdings exemption
The government will consult on possible reform of the substantial
shareholdings exemption for corporate capital gains.
National minimum wage
National minimum wage (NMR) rates will be amended in April
each year to coincide with the uprating of the national living
wage, starting from April 2017. The NMR rates for workers aged
up to 24 and for apprentices will increase from October 2016 in
line with the recommendations of the Low Pay Commission.
Business rates
From 1 April 2020 business rates in England will be uprated by
reference to the CPI instead of the RPI. From 1 April 2017 small
business rate relief (SBRR) will double and the SBRR threshold
will be raised to rateable values of up to £12,000 tapering to
£15,000. The government will aim to introduce more frequent
revaluations of properties.
Insurance premium tax (IPT)
The standard rate of IPT will be increased from 9.5% to 10%
from 1 October 2016.
Soft drinks industry levy
A new soft drinks industry levy will be payable by producers and
importers of soft drinks that contain added
sugar. The new levy will be implemented
from April 2018.
Energy and environment taxes
The Carbon Reduction Commitment energy
efficiency scheme will be abolished from the end
of the 2018/19 compliance year. To cover the cost
of this measure, the main rates of Climate Change
Levy will be increased from 1 April 2019. The list
of designated energy-saving and water-efficient
technologies qualifying for enhanced capital
allowances will be updated during summer 2016,
subject to State aid approval.
page 13

VALUE ADDED TAX
VAT registration and deregistration
The VAT registration threshold will increase from £82,000 to
£83,000, and the deregistration threshold will rise from £80,000
to £81,000, from 1 April 2016.
VAT fraud
The government will consult on a new penalty for participating
in VAT fraud.
To tackle online fraud in goods, HMRC will be given stronger
powers to direct the appointment of a VAT representative and
greater flexibility to seek security. HMRC will also be able to hold
an online marketplace jointly and severally liable for the unpaid
VAT of an overseas business that sells goods in the UK via the
online marketplace’s website. The government will continue to
engage with the EU and OECD to explore international solutions
to VAT fraud.
ANTI-AVOIDANCE MEASURES
Related party rules – partnerships and transfers of
intangible assets
The related party rules will be amended so that partnerships
cannot be used in arrangements that seek to obtain intangible
assets tax relief for their corporate members in ways that are
contrary to the intention of the regime.
Loan relationships
The tax rules for company debt and derivative contracts will be
updated to ensure they interact correctly with new accounting
standards in various specific circumstances.
Deep in the money options
As previously announced, shares transferred to a clearance service
or depositary receipt issuer as a result of the exercise of an option
will be charged 1.5% stamp duty based on the higher of their
market value or the option strike price. This will target avoidance
page 14
saver
The flat rate VAT scheme
can save some traders
money and administration
costs. Take advice on the
right category for your
business.
£

using deep in the money options (DITMOs). The change will apply
to options entered into after 24 November 2015 and exercised
after 22 March 2016.
Tax evasion
The government will consult on new sanctions on those who
repeatedly and deliberately participate in the ‘hidden economy’,
including penalties and monitoring of repeat offenders.
As previously announced, there will be a new criminal offence
that removes the need to prove intent for the most serious cases
of failing to declare offshore income and gains.
Also as previously announced, civil penalties for deliberate
offshore tax evasion will be increased. There will be a new
penalty linked to the value of the asset on which tax was evaded.
New civil penalties will apply to those who enable offshore tax
evasion. There will be a new legal requirement to correct past
offshore non-compliance within a defined period, with sanctions
for those who fail to do so.
General anti-abuse rule
There will be a new penalty of 60% of the tax due to be charged
in all cases successfully tackled under the general anti-abuse rule
(GAAR). The GAAR procedure will be changed to improve its
ability to counter marketed avoidance schemes.
page 15

NATIONAL INSURANCE CONTRIBUTIONS
Class 1 (Employees)
2016/17 2015/16
Employee Employer Employee Employer
NIC rate 12% 13.8% 12% 13.8%
No NICs on the first:
Under 21* £155 pw £827 pw £155 pw £815 pw
21 & over* £155 pw £156 pw £155 pw £156 pw
NICs rate charged up to £827 pw No limit £815 pw No limit
2% NICs on earnings over £827 pw N/A £815 pw N/A
* For 2016/17: 25 years for apprentices
Employment allowance 2016/17 2015/16
Payable per business £3,000 £2,000
Not available in 2016/17 if a director is the sole employee
Earnings limits or thresholds 2016/17 2015/16
Weekly Monthly Annual Weekly Monthly Annual
£ £ £ £ £ £
Lower earnings limit 112 486 5,824 112 486 5,824
Secondary earnings threshold 156 676 8,112 156 676 8,112
Primary earnings threshold 155 672 8,060 155 672 8,060
Upper earnings limit 827 3,583 43,000 815 3,532 42,385
Upper secondary earnings
threshold (under 21)* 827 3,583 43,000 815 3,532 42,385
* For 2016/17: under 25 years for apprentices
Contracted-out rebate 2016/17 2015/16
On band earnings for salary related schemes only N/A £112–£770 pw
Employer rebate N/A 3.4%
Employee rebate N/A 1.4%
Class 1A (Employers) 2016/17 2015/16
Most taxable employee benefits 13.8% 13.8%
Class 2 (Self-Employed) 2016/17 2015/16
Flat rate £2.80 pw £145.60 pa £2.80 pw £145.60 pa
Small profits threshold £5,965 pa £5,965 pa
Class 4 (Self-Employed) 2016/17 2015/16
On profits £8,060–£43,000 pa 9% £8,060–£42,385 pa 9%
Over £43,000 pa 2% Over £42,385 pa 2%
Voluntary 2016/17 2015/16
Class 3 flat rate £14.10 pw £733.20 pa £14.10 pw £733.20 pa
Class 3A if state pension
age before 6/4/16 amount depending on age amount depending on age

Budget highlights
l The launch of a new Lifetime ISA from April 2017 for adults under the age
of 40, with a maximum contribution of £4,000 a year and a 25% bonus. The
standard ISA investment limit will rise to £20,000 at the same time.
l A cut in the main rates of capital gains tax from 2016/17 to 20% for higher and
additional rate taxpayers and 10% for other taxpayers. However, the existing
rates will continue for gains on residential property and carried interests.
l An increase in the personal allowance for 2017/18 to £11,500 and the higher
rate threshold to £45,000.
l An extension of entrepreneurs’ relief to cover long term external investors in
unlisted companies.
l Two new £1,000 tax allowances for property income and trading income,
starting in April 2017.
l A cut in the corporation tax rate to 17% in 2020 and greater flexibility in the
use of tax losses by smaller companies.
l A restructuring of stamp duty land tax on commercial properties.
l A major revamp of business rates, permanently doubling the small business rate
relief.
l The abolition of Class 2 National Insurance contributions for the self-employed
from 6 April 2018.
© Copyright 16 March 2016. All rights reserved. This summary has been prepared very rapidly and is for general
information only. The proposals are in any event subject to amendment before the Finance Act. You are
recommended to seek competent professional advice before taking any action on the basis of the contents of
this publication.
CONTENTS
Budget highlights 1
Introduction 2
Personal taxation 3
Pensions, savings and investments 6
Capital taxes 8
Business tax 9
Value added tax 14
Anti-avoidance measures 14
National Insurance contributions 16
page 1

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PWM 2016 Budget

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