16/03/2023
BUDGET 2️⃣ 0️⃣ 2️⃣ 3️⃣
Following Jeremy Hunt's first budget, we have highlighted some of the main points below: ⬇
Creative Tax Reliefs
🔳 An expenditure credit of 34% for film, high end TV and video games, and 39% for animation and children’s TV was announced.
🔳 The temporary increase in theatre, orchestra, museum and gallery tax relief was extended for a further two years.
Corporation Tax
🔳 The chancellor announced a 100% write off for capital expenditure, with no limit, incurred on IT equipment and plant and machinery. This is expected to last for three years.
🔳 A new ‘enhanced credit’ for smaller R&D intensive businesses was announced. This will be worth £27 for every £100 spent on R&D. To qualify businesses must spend at least 40% of their total expenditure on R&D.
🔳 The increase in the main rate of corporation tax to 25% will still go ahead from next month, as planned.
Pensions Reform
🔳 The lifetime allowance, currently £1.07m, will be scrapped
🔳 The annual limit on tax-free pension contributions will increase by 50% to £60,000 from £40,000.
If you would like to speak to us regarding any of the previous announcements, please get in touch by contacting:
➡️ [email protected]
