The aim of the government is to boost employment and therefore economic growth. However, the reality of the public finances means the Chancellor had very little room for policy manoeuvre.
Other key takeaways included:
- An extension to the energy price cap guarantee
- The fuel duty cut remaining in place
- New investment reliefs to offset against corporation tax
You can access a more detailed summary of the announcements in our blog, providing you with analysis as to when they come into effect, how they could impact your finances, and potential planning considerations.
Access the Spring Budget summary
The freezing of several tax bands from the Autumn Statement 2023, combined with the rise in the headline rate of corporation tax, due to come into effect in the next financial year, means the tax burden is set to reach a 75 year high!
In light of this, be sure to get in touch. Planning around when new, and amended, tax legislation will be enacted can help offset the potential impact on your financial position.
Finally, if you haven’t done so already, do also subscribe to our monthly newsletterfor more tax insight, analysis, and top tips.
Yours sincerely
Stuart Crook
Partner