Spring Budget 2023
Hear what our tax experts made of the announcements through our short takeaway videos available below. Plus, listen to our Spring Budget Special podcast for live reaction to the statement and read our comprehensive summary and related commentary.
Personal Taxes
Hosted by
Morag Watson
Private Client Partner
“Individuals with substantial pension pots currently face a draconian lifetime allowance charge, but the Chancellor announced that after April 2023, no one will face such a charge. At a future point in time, the lifetime allowance will be completely removed from pensions tax legislation."
Employment Taxes
Hosted by
Jez Howson
Employment Taxes Director
“It was clear from the Chancellor’s statement that the objective of the government is to address the labour issues in the UK economy which will, he hopes, ultimately drive up growth in the economy and UK productivity."
VAT & Indirect Taxes
Hosted by
Scott Craig
Partner & National Head of Indirect Taxes
"It's fair to say that VAT continues to provide challenges for UK businesses. VAT continues to be a subject of refinements and change and in some cases the rules and procedures are still subject to unhelpful interpretation and change."
Business Taxes
Hosted by
Richard Goddard Corporate Tax Partner & Head of Tax, West
“Today’s announcement of an increase in the R&D tax credit rate available to R&D intensive, loss making SMEs will be seen as bittersweet by many SMEs. Whilst the increased rate of 27% represents an improvement on the previously announced new rates with expenditure incurred on or after 1 April 2023, the rate is still lower than the current rate of benefits applying up to the 31 March 2023.”
Listen | Our Spring Budget Special Podcast
In this special UK Spring Budget episode, five of the UK’s leading tax experts join host Emma Sheppard for live reaction to Chancellor Jeremy Hunt’s statement.
Billed as a ‘growth’ Budget that aims to get the UK economy growing sustainably again, what levers did the Chancellor pull and what support has been offered to business leaders to boost economic growth?
Let’s find out…
An overview of the UK's Spring Statement
In accordance with the Prime Minister's outlined priorities, cost of living help and getting people back to work took centre stage in the Chancellor's Spring Budget announcement.
We summarise the key announcements.
Latest Insights
SMEs likely underwhelmed by ‘lacklustre’ Spring Budget
Reacting live on a specially recorded episode of Bang the Drum, the podcast championing ambitious SME businesses and entrepreneurs, Praveen Gupta, Morag Watson, Scott Craig, Becky Maguire, and Dave Hedges believe this was a missed opportunity by the Chancellor to be bold.
Major changes to pension allowances following the budget
It was labelled the “budget for growth”, and it certainly was in respect of retirement planning with some changes of note announced. For many years, there have been few positive aspects relating to pension and retirement planning in the Chancellor’s annual Budget. This trend changed today as Jeremy Hunt announced an increase to the annual allowance.
Would you like to know more?
With the UK hosting one of the most complex tax systems in the world, staying compliant, making the most of the tax saving opportunities and growing your finances can be a daunting task.
At Azets, our Tax experts are on hand to offer support and guidance. If you have any queries regarding the 2023 Spring Budget and the impact the changes may have on you or your organisation, please get in touch with your usual Azets contact or a member of our specialist Tax team.
Our website is also regularly updated with the latest news, insight and details of economic support and measures as they are announced by the UK Government.
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