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:
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.