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Mar 16

Spring Budget 2023

  • March 16, 2023
  • SMH, SMH BCL Accountants, SMH BullockWoodburn, SMH Chartered Accountants, SMH Commercial Finance, SMH Corporate Finance, SMH Financial Services, SMH Haywood & Co, SMH Jolliffe Cork, SMH Residential Mortgages, SMH Sutton McGrath Hartley, SMH Wills & Probate

After presenting a Budget-in-all-but name with the Autumn Statement, the Spring Budget 2023 was delivered against the backdrop of a day of widespread industrial action.

The run-up to the event appeared deliberately downplayed, save for a late flurry of leaks highlighting a focus on childcare at one end of the scale and pensions at the other. While acknowledging the Prime Minister’s two objectives of halving inflation and reducing debt, Mr Hunt focused his Spring Budget on the Prime Minister’s third objective – getting the economy going.

In a wide-ranging and longer than usual speech, there were some key headline items:

  • The inflation rate is forecast by the Office for Budget Responsibility to fall from 10.1% (January 2023) to just 2.9% by the end of 2023.
  • The lifetime allowance for pensions will be abolished from April 2024, with the lifetime allowance charge withdrawn from April 2023.
  • A new monetary limit for the tax-free pension commencement lump sum will be introduced for 2023/24 of £268,275 (equivalent to 25% of the current standard lifetime allowance).
  • The annual allowance for pensions will increase by 50% to £60,000 from 2023/24 and the money purchase annual allowance will rise from £4,000 to £10,000 from 2023/24.
  • Companies investing in new plant and machinery in the three years from 1 April 2023 can claim a first-year allowance of up to 100% of expenditure.
  • Small and medium-sized enterprises that spend 40% or more of their total expenditure on research and development can claim a tax credit worth £27 for every £100 they spend from April 2023.
  • The energy price guarantee is maintained at the current £2,500 level until the end of June 2023.
  • Up to 30 hours of free childcare per week will be available to working parents of children from the age of nine months by September 2025. Initially, from April 2024, working parents of two-year-olds will be able to access 15 hours of free childcare per week.
  • The scheduled 11p a litre duty increases in petrol and diesel will not go ahead.

As ever the Budget documentation contained a wealth of detail and much to digest, our Budget Summary highlights the key aspects likely to affect you.

Download our Spring Budget 2023 summary here

Download our Tax Tables 2023/24 here

If you have any questions about what you should do next, please get in touch with your local office, or contact us on 0114 266 4432 or [email protected]

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Related Posts

  • Tax Tables 2023/24March 16, 2023
  • The pension annual allowance trapNovember 25, 2021
  • A change to the annual allowance taperApril 8, 2020
  • Last call for 2016/17 on your annual allowance…February 6, 2020

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SMH Sutton McGrath Hartley

5 Westbrook Court, Sharrow Vale Road,
Sheffield, S11 8YZ

0114 266 4432

SMH Sutton McGrath Hartley

82 Saltergate,
Chesterfield, S40 1LG

01246 277 266

SMH Haywood & Co

24-26 Mansfield Road,
Rotherham, S60 2DT

01709 377909

SMH Haywood & Co

Knaresborough Technology Park,
Manse Lane, Knaresborough, HG5 8LF

01423 787 616

SMH BCL Accountants

2 Pavilion Business Park, Royds Hall Road, Lower Wortley,
Leeds, LS12 6AJ

0113 242 4677

SMH Bullock Woodburn

Norfolk House, Hardwick Square North,
Buxton, Derbyshire, SK17 6PU

01298 22108

SMH Jolliffe Cork

33 George Street
Wakefield, WF1 1LX

01924 376045

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