Spring Budget 2023 – Introduction
Posted on: 16-03-2023
Spring Budget 2023 Review Pages:- Introduction | Personal Tax | Employment | Business | Capital Taxes | Other Matters
Spring Statement 2023 – Introduction
Spring Budget 2023 Review Pages:- Introduction | Personal Tax | Employment | Business | Capital Taxes | Other Matters
Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall.
Driving business investment
The Chancellor announced a £27 billion transformation of capital allowances from April this year, which will include the Full Expensing of investment in qualifying plant and machinery. There was also a £500 million package for research and development intensive businesses. In addition, Mr Hunt announced 12 Investment Zones across the UK with funding for skills and support.
Removing barriers to work
Reforms to childcare, which will see expanded free care and subsidies, were key to Mr Hunt’s plans to remove the barriers to work for parents, the disabled and the over-50s. The Chancellor also made changes to the pension system to incentivise doctors and other highly-skilled workers to remain in the labour market.
As high energy costs continue, the Chancellor extended the Energy Support Guarantee at £2,500 for another three months while fuel duty was frozen once more.
Please contact us before taking any action as a result of the contents of this summary.
To see the Full Dunhams budget report download it here
Spring Budget 2023 Review Pages:- Introduction | Personal Tax | Employment | Business | Capital Taxes | Other Matters
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