Against the backdrop of calls by businesses to be incentivised to invest, last week Jeremy Hunt delivered the UK’s 2023 Spring Budget, his first as Chancellor of the Exchequer. Many of the key tax announcements made were predicted in advance, with the focus of the main measures centring around the four pillars of enterprise, employment, education and everywhere. On Budget day, we issued a newsletter to UK members setting out the highlights some of which we look at today in more detail. Next Monday’s edition of Chartered Accountants Tax News will examine the Budget’s indirect tax measures and a range of miscellaneous announcements.
The Chancellor announced tax changes to the pension savings rules aimed at encouraging the over 50s back into work. The Budget’s business tax highlights included the introduction of full expensing for capital allowances, which last year this Institute recommended be considered once the economy was on more stable ground. Fuel duty will continue to be frozen.
The analysis herein and in subsequent stories is based on the Spring Budget 2023 publications from HMRC and HM Treasury and emails from HMRC here and here.