Against the backdrop of calls by businesses to be incentivised to invest, today Jeremy Hunt delivered the UK’s Spring Budget 2023, 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. The Chancellor also announced tax changes to the pension savings rules which aim to encourage the over 50s back into work.
The Budget’s business tax highlights include the introduction of full expensing for capital allowances, which this Institute recommended be considered once the economy was on more stable ground, and the continued freezing of fuel duty.
And, according to the main Budget publication, the Northern Ireland Executive will receive an additional £130 million through the Barnett formula in 2023/24 and 2024/25.
The analysis in this and subsequent stories is based on the Spring Budget 2023 publications of HMRC and HM Treasury. Monday’s edition of Chartered Accountants Tax News will feature the tax announcements in more detail. Supporting documents for the Spring Finance Bill 2023, which is expected to be published on 23 March, have also been published. An overview of all the tax legislation and rates announced today is also available.