Budget 2016: Use our calculator to work out how your taxes have changed

Taxes are about to change for many in the UK

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The Independent Online

George Osborne has delivered his eighth Budget statement, meaning that taxes are about to change for many in the UK.

The Chancellor unveiled a tax on sugary drinks that should raise £520 million, but might hurt if you have a Coca Cola addiction. 

The Chancellor is working towards a personal allowance of £12,500 for earners before they get hit by income tax and a higher rate threshold of £50,000, so that people can earn more before they get hit with the top rate of tax.

Although the figures for 2016/17 have not been changed, the allowance and higher rate threshold for 2017/18 will be £11,500 and £45,000 rather than the £11,200 and £43,600 already announced, according to Patricia Mock, tax director at Deloitte.

Meanwhile fuel duty - which was widely expected to rise - has been frozen for the sixth year running.

The Chancellor has cut the headline rate of Capital Gains Tax from 28 per cent to 20 per cent. He had previously raised the rate from 18 per cent to 28 per cent under the 2010 Coalition as part of agreed efforts to equalise the tax paid on income and capital gains.

All those changes can make for some confusing calculations. 

The calculator can also be accessed through this link.