Spring Budget 2023 Report

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.

READ OUR SUMMARY REPORT . SPRING BUDGET 2023

DOWNLOAD OUR TAX CARD . MARCH 2023

DRIVING BUSINESS INVESTMENT

The Chancellor announced a £27 billion transformation of capital allowances from April this year, which will include the Full Expensing of investment in qualifying plant and machinery. There was also a £500 million package for research and development intensive businesses. In addition, Mr Hunt announced 12 Investment Zones across the UK with funding for skills and support.

REMOVING BARRIERS TO WORK

Reforms to childcare, which will see expanded free care and subsidies, were key to Mr Hunt’s plans to remove the barriers to work for parents, the disabled and the over-50s. The Chancellor also made changes to the pension system to incentivise doctors and other highly-skilled workers to remain in the labour market.
As high energy costs continue, the Chancellor extended the Energy Support Guarantee at £2,500 for another three months while fuel duty was frozen once more.

READ OUR SUMMARY REPORT . SPRING BUDGET 2023

DOWNLOAD OUR TAX CARD . MARCH 2023

WE CAN HELP

We work closely with our clients to ensure they are maximising available reliefs, mitigating tax liabilities and making meaningful recommendations. We can guide you to further success and ensure your business is as profitable as it can be.

WE’VE INCLUDED COMPREHENSIVE INFORMATION ABOUT THE BUDGET IN THIS REPORT. AS ALWAYS, IF YOU HAVE SPECIFIC QUERIES ABOUT HOW IT RELATES TO YOUR BUSINESS PLEASE GET IN TOUCH WITH YOUR USUAL PARSONS CONTACT OR A MEMBER OF OUR FRIENDLY TEAM, AND THEY’LL BE HAPPY TO HELP. PLEASE CONTACT US BEFORE TAKING ANY ACTION AS A RESULT OF THE CONTENTS OF THIS SUMMARY.