Spring Budget Summary 2023
In the same week that the Academy Awards was swept by “Everything, Everywhere, All At Once”, the Chancellor followed up with his own “Everywhere, Enterprise, Employment and Education” Budget… It might not be award-worthy, but we ask: is it Enough?
Yesterday’s Budget was focused on resolving two key issues in the UK economy: improving productivity through capital investment and improving labour supply by bringing workers back into the market.
We see all these measures as a step in the right direction: ensuring companies can fully deduct capital expenses, increasing the tax credit available for certain research and development businesses, and of course the abolishment of the lifetime allowance.
Upon review, the benefits will be less substantial than the headlines might suggest. Each step forward in reliefs and allowances is accompanied by a step backwards in terms of complexity and restrictions.
Budget highlights included:
- Capital allowances
- Research and Development
- Personal Tax
- Tax simplification
- Creative industries
- Employers
- Investment zones
- Indirect Tax
- Previous announcements
To download the full Spring Budget commentary CLICK HERE
As always, our team is here to help cut through the complexity of these announcements and ensure your objectives can be met tax efficiently. If you have any questions or would like to discuss any of the Budget highlights, please reach out to our Tax Team on 020 7600 5667 or by email at TaxTeam@elmanwall.co.uk
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