Following Jeremy Hunt’s budget earlier today we have summarised below the key announcements he has made:
- OBR forecasts no technical recession in 2023 and inflation to fall to 2.9% by end of the year
- Energy price guarantee to be extended for 3 month
- From August, alcohol taxes in pubs to be 11p in the pound lower than the rate in supermarkets
- Fuel duty freeze extended for 12 months
- 12 new investment zones announced
- Capital allowances: 100% full expensing for main rate assets and 50% First Year Allowance for special rate assets for three years but no extension for superdeduction
- Enhanced R&D credit for those spending over 40% on R&D
- “Returnaships” announced as apprenticeships for over 50s
- Free 30 hours childcare to be extended to children aged 9m and over – but introduction will be gradual
- Pensions annual allowance increased from £40,000 to £60,000
- Pensions lifetime allowance abolished
Our full detailed guide on the Budget and our Tax Tables will be on our website from tomorrow so please check back or keep an eye on our social media channels.
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