Spring Budget Round Up 2023
Last week 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.
We have put together the Spring Budget 2023 highlights, including the following:
Driving Business Investment
- Removing barriers to work
Personal Tax
- The personal allowance
- The marriage allowance
- Tax bands and rates
- Tax on savings income
- Tax on dividends
- Homes for Ukraine scheme
- Pension tax limits
- Rendering void assignments of income tax repayments
Employment
- National Insurance Contributions (NICs)
- Taxable benefits for company cars for 2023/24
- Company vans
- Reform of the Company Share Option Plan (CSOP)
- Enterprise Management Incentives (EMI): Improvements to the process to grant options
Business
- Corporation tax rates
- Capital allowances
- Research and Development (R&D) relief
- Making Tax Digital (MTD) for income tax
- Accounting periods that are not aligned to tax years
- Simplification measure for small businesses
- Investment Zones
- Freeports
- Seed Enterprise Investment Scheme
- Tax treatment of payments to farmers under the lump sum exit scheme
- Other
Capital Taxes
- Capital Gains Tax (CGT) rates
- CGT annual exemption
- Chargeable gains: separates spouses and civil partnerships
- Other CGT changes
- Inheritance Tax (IHT) nil rate bands
- Estates in administration and trusts
Other matters
- Back to work
- Childcare
- Universal Credit claimants
- For disabled people and those with long-term health conditions
- Employing older workers
VAT
- Changes to VAT penalties and interest
Annual Tax on Enveloped Dwellings
Plastic Packaging Tax
Download your copy here
You can download your copy of the Spring Budget 2023 Overview here.
How does the budget affect you?
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