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AAB Group / Blog / UK Spring Budget 2023
BLOG20th Mar 2023
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On Wednesday 15th March 2023, The Chancellor of the Exchequer Jeremy Hunt presented his first budget, the UK Spring Budget for 2023. A “budget for growth” as he called it, aimed at avoiding a recession for the UK.
So, what did we learn? and how will the new suite of measures introduced impact the UK economy, businesses and families both in the short and medium term?
Here are the key takeaways:
The centre piece of the Chancellor’s Spring Budget was a remarkable ‘giveaway’ to benefit higher-earning pension savers who saw their annual contribution limit increased by 50% to £60k and their lifetime allowance scrapped. This measure is designed to encourage high earning public sector workers, especially senior doctors, to delay their retirement plans.
The Chancellor however left untouched the ‘stealth’ tax increases which will impact millions of workers in the face of double-digit inflation. The freezing of thresholds and allowances on income tax, national insurance and inheritance tax until 2028 will, via fiscal drag, place many more ordinary taxpayers into the higher rate tax bracket.
Although corporation tax is increasing from 19% to 25% for large companies, there was some good news for companies who from April will be able to write off capital investment in its entirety against profit to an unlimited amount.
Additionally, the Chancellor unveiled that R&D tax relief would be enhanced for R&D intensive small and medium sized enterprises (SMEs) and whilst the announcement of enhanced relief may be welcomed by those SMEs who benefit from it, it is not quite the giveaway it first appears. For those SMEs that qualify as ‘research intensive’, the proposed increase will, in reality, only partially offset the effect of previously announced cuts in relief. Whilst it will restore the payable credit available to loss making companies to the level it was before those cuts were announced, it will not increase the additional tax deductions available to their previous level.
Those SMEs who do not meet the high bar of spending 40% of their total expenses on R&D required to be classed as ‘research intensive’ will receive nothing from the Budget.
Most tax rates and allowances were announced in advance at the Autumn Statement, so the Budget focused more on spending than on tax.
Personal tax
Business tax
Other measures