2023 Spring Budget Analysis
The Chancellor announced the UK economy will not enter a “technical recession” in 2023, and set out his growth plan.
On 15 March 2023, the UK Chancellor announced the 2023 Spring Budget that aims to further stimulate economic recovery and healthy and sustainable growth over the long-term by incentivising business investment and attracting additional workforce into the labour market.
Key tax policy developments have been announced for companies and individuals, including:
- Replacement of the capital allowances “super-deduction” regime with full expensing for companies incurring expenditure on plant and machinery over the next three years;
- Additional R&D tax relief for loss making research intensive SMEs; and
- For individuals, abolishment of the lifetime allowance alongside an increased annual allowance for contributions to pension schemes.
We are pleased to deliver our views on the key developments.
Draft legislation relating to the announcements will be published in the Spring Finance Bill on 23 March 2023.
2023 Spring Budget Analysis Insights
2023 Spring Budget Analysis: Corporation Tax
March 15, 2023 – An overview of the developments in Corporation Tax announced in the 2023 Spring Budget Analysis.
2023 Spring Budget Analysis: Employment Tax and Reward
March 15, 2023 – An overview of the developments in Employment Tax and Reward announced in the 2023 Spring Budget Analysis.
2023 Spring Budget Analysis: Real Estate
March 15, 2023 – An overview of the developments in Real Estate announced in the 2023 Spring Budget Analysis.
2023 Spring Budget Analysis: Life Sciences
March 15, 2023 – An overview of the developments in Life Sciences announced in the 2023 Spring Budget Analysis.
Key Contacts
Euan Sutherland
Senior Managing Director, Head of EMEA Tax Advisory & Real Estate
London, United Kingdom
Toni Dyson
Senior Managing Director
London, United Kingdom
Richard Turner
Senior Managing Director
London, United Kingdom
Paul Pritchard
Senior Managing Director
London, United Kingdom
Emma Donnelly
Senior Managing Director
London, United Kingdom
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