The UK Government has published its Spring Budget, here are some key points:
- fuel duty frozen - the 5p cut to fuel duty on petrol and diesel, due to end in April, kept for another year
- tax-free yearly allowance for pension pot to rise from £40,000 to £60,000 and the abolition of the Lifetime Allowance
- the Energy Price Guarantee (EPG) will be kept at £2,500 for an additional three months from April to June
- main rate of corporation tax, paid by businesses on taxable profits over £250,000, confirmed to increase from 19% to 25%
- tax boost for smaller and medium businesses
For further information please select the following links:
- Spring Budget 2023 - GOV.UK (www.gov.uk)
- Spring Budget 2023: Overview of tax legislation and rates (OOTLAR) - GOV.UK (www.gov.uk)
- Capital allowances: full expensing - GOV.UK (www.gov.uk)
- Spring Budget 2023 Factsheet: Cutting & Simplifying Tax for Businesses to Invest and Grow - GOV.UK (www.gov.uk)
- Spring Budget 2023 – Labour Market Factsheet - GOV.UK (www.gov.uk)
- Spring Budget 2023 customs measures - GOV.UK (www.gov.uk)