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<br /><p>The Government wants to deliver a low tax, high wage economy.The personal
allowance has been increased from £6,475 in 2010-11 to £10,600 in 2015-16, and the
headline rate of corporation tax has been cut from 28 per cent to 20 per cent since
2010.</p><br /><p>The Government has committed to going further in this parliament
by raising the personal allowance to £12,500 and the higher rate threshold to £50,000.Corporation
tax will be cut to 18 per cent by 2020, benefitting over a million companies.</p><br
/><p>Due to the strength of our economy, tax receipts are growing strongly. Onshore
corporation tax receipts have risen nearly 30% since 2010.Income tax receipts are
£8bn higher in the first 10 months of 2015 compared to the first 10 months of 2014.
In its most recent Economic and Fiscal Outlook the Office for Budget Responsibility
have raised their forecast for receipts over the parliament.</p><br /><p>At the same
time the government has taken a number of steps to clamp down on avoidance and evasion.
For instance it will invest over £800m in HM Revenue and Customs to help them to tackle
evasion and non-compliance over the course of the parliament. These measures are forecast
to raise £7.2bn by 2020-21.</p><br />
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