Budget 2023 Key measures at a glance

    Daniel McAllister
    15th March 2023
    Home » Categories » Business » Budget 2023 Key measures at a glance

    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.

    Need Some Advice?

    Looking for some help or a little advice?

    Call today on 01484 534431 or fill in our enquiry form below, and we’ll call you back.

    UK borrowing reduces Chancellor’s wiggle room

    Higher than expected government borrowing has reduced the Chancellor’s ‘wiggle room’ at a pre-election Budget. Government borrowing – the difference between spending and tax income – was £120.7 billion in the year…

    HMRC clarifies tax rules for WFH commuting

    HMRC has updated guidance on when tax relief is available on travel expenses for staff who work from home. The tax authority is responding to the growth of flexible or…

    MTD for Income Tax pilot now live

    HMRC’s pilot scheme for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is now live. Accountants, agents and individuals are able to sign up to the pilot…