Tax E-News Mar 2023 (Budget Special)

On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages.
Below we set out some of the main points.

• COST OF LIVING SUPPORT
  Energy Costs; Childcare; Benefits and State Pensions.
• INCOME TAX
  Increasing Liabilities; Summary of Tax Rates and Allowances; Scotland; Pension Tax Relief; Tax-efficient Savings
• CAPITAL GAINS TAX
• INHERITANCE TAX
• VAT
• BUSINESS TAXES
  NIC for Self-employed; MTD for Income Tax; Tax Relief on Equipment; Unincorporated Businesses.
• CORPORATE TAXES
  New Rates; R&D Reliefs; Creative Industries Relief.
• EMPLOYMENT TAXES
  NICs; Company Cars; Share Options; National Minimum Wage.
• INVESTMENT ZONES
• VENTURE CAPITAL SCHEMES
• CONCLUSION