Jeremy Hunt’s Spring Budget 2023: The four E’s

Jeremy Hunt announced his Spring 2023 Budget today, once again returning to his familiar four pillars of growth: Enterprise, Employment, Education, Everywhere.

Below are a few of the announcements in today’s Budget Statement, we will add more in our full budget report tomorrow morning which can be downloaded on our website.

Energy

• Government energy support for households extended for 3 months, until the end of June
• £200m investment to bring energy charges levied on prepayment meters into line with direct debit paying customers

Employment (Wages and Taxation)

• Current cap on lifetime pensions savings (currently £1.07m)  before having to pay extra tax to be abolished
• Yearly tax-free allowance for pension pot to rise to £60,000 (from £40,000)
• Fuel duty frozen

Jobs and work

• 30 hours of free childcare for working parents in England, extended to now cover one and two-year-olds
• £600 “incentive payments” for those wishing to become childminders

Business

• Main rate of corporation tax (paid by businesses on taxable profits over £250,000) confirmed to increase from 19% to 25%
• Companies with profits between £50,000 and £250,000 to pay between 19% and 25%

Our Tax Partner, Nigel May, will be presenting his summary of the Spring 2023 Budget from 8.30am on 21st March at our office, based at 30 City Road, London, EC1Y 2AB.  If you wish to join us, please register here and we will ensure a seat is saved for you.