What the budget means for you

News at Trigghomes | 17/03/2023

What the budget means for you

Chancellor Jeremy Hunt delivered his spring budget statement on Wednesday, with "growth" and "back to work" being the key focus areas. Here are some of the big announcements: 

Childcare: Extension of 30 hours of weekly free childcare to cover nine-month to two-year-olds for working parents.

Taxes: Increase in corporation tax from 19% to 25%. To offset this, the government announced a new multibillion-pound capital allowance regime under which companies can write off qualifying expenditures against taxable profits. 

Energy: The government will keep the £2,500 annual cap on household energy bills in place for a further three months until June. Fuel duty has also been frozen for another year.

Local growth: Tax incentives and other benefits for 12 investment zones across UK cities and towns worth £80m each over five years.

Pensions: The annual tax-free pension allowance will be increased from £40,000 to £60,000, and the Lifetime Allowance – previously set at £1.07m – will be abolished.

"Clean energy reset": Investment of £20bn over the next 20 years in carbon capture and storage projects