Chancellor Jeremy Hunt introduced his first Spring Budget statement saying it was a “budget for growth.” He emphasised that growth would be “long-term, sustainable, and healthy.” This is in contrast to Kwasi Kwarteng’s previous speech in September titled “the Growth Plan.”
Despite the Office for Budget Responsibility predicting no growth in 2023, the UK is expected to avoid a recession. After four Chancellors of the Exchequer and three budget statements in 2022, it was not surprising that Mr. Hunt tried to avoid too many surprises, and most of the tax announcements had already been made in advance.
His speech focused primarily on spending plans, with some significant tax headlines, such as the abolition of the limit on tax-favoured pension savings and the introduction of unlimited 100% deductions against profits for a company investing in a new plant for example. The budget also included measures to encourage people back into work, such as providing free childcare and introducing “returnerships” for individuals over 50. The announcement of tax changes at various times of the year makes it difficult to keep track of changes, their implementation dates, and how they will impact finances.
Our Spring Budget Summary provides an overview of the latest proposals, including tables of the main rates and allowances, and a tax year calendar with important deadline dates.
It is recommended that you review your financial plans regularly, as some aspects of the Budget may not be implemented until later dates.
If you would like a copy of our summary and what the changes will mean for you, your family, or your business, then submit your details in the form below along with your consent and we will email it to you.
We will, of course, be happy to discuss any of the points covered in the Spring Budget with you, or anything else that you would like to discuss. Please just drop us a line or email us with any questions.
Just give us a call on 01273 963656 or 01444 716946, or email us.
Get the latest tax rates here.