A detailed report by Tolley and LexisNexis®PSL Tax with additional practitioner comment.
While many of the tax-related announcements were pre-trailed there were some genuine surprises such as the total abolition of (rather than just increasing) the pensions lifetime allowance and the introduction of full expensing capital allowances for main rate assets for three years starting from 1 April 2023.
Beyond these headline-grabbing announcements Spring Budget 2023 also:
confirmed the chancellor’s resolve to continue with the 1 April 2023 increase to 25% in the main rate of corporation tax (ignoring calls from some members of the Conservative party to reverse or at least reduce the increase);
mentioned various closed consultations to confirm either that the government has decided not to make any changes (for example the consultation on the proposed reform of the UK’s policy on sovereign immunity from direct tax) or that it is still considering...
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A detailed report by Tolley and LexisNexis®PSL Tax with additional practitioner comment.
While many of the tax-related announcements were pre-trailed there were some genuine surprises such as the total abolition of (rather than just increasing) the pensions lifetime allowance and the introduction of full expensing capital allowances for main rate assets for three years starting from 1 April 2023.
Beyond these headline-grabbing announcements Spring Budget 2023 also:
confirmed the chancellor’s resolve to continue with the 1 April 2023 increase to 25% in the main rate of corporation tax (ignoring calls from some members of the Conservative party to reverse or at least reduce the increase);
mentioned various closed consultations to confirm either that the government has decided not to make any changes (for example the consultation on the proposed reform of the UK’s policy on sovereign immunity from direct tax) or that it is still considering...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
