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Budget (1): 'Back to work' Budget - at a glance
by Susie Hughes at 10:32 16/03/23 (Political News)
Chancellor Jeremy Hunt's first Budget was aimed at encouraging people to return to work. Here are the key measures aimed at that - and other annoucements.
Return to work
  • Abolish the cap of 1.07 million on amount workers can accumulate in pensions savings over their lifetime before having to pay extra tax
  • Tax-free yearly allowance for pension pot to rise from 40,000 to 60,000;
  • 30 hours of free childcare for working parents in England expanded to cover one and two-year-olds;
  • 600 "incentive payments" for those becoming childminders, and relaxed rules in England to let childminders look after more children;
  • Families on universal credit to receive childcare support up front instead of in arrears, with the 646-a-month per child cap raised to 951
  • New fitness-to-work testing regime for health-related benefits;
  • New voluntary employment scheme for disabled people;
  • Tougher requirements to look for work and increased job support for lead child carers on universal credit
  • 63m for programmes to encourage retirees over 50 back to work, 'returnerships' and skills boot camps
  • Immigration rules to be relaxed for five roles in construction sector, to ease labour shortages

Taxation and businesses

  • Main rate of corporation tax, paid by businesses on taxable profits over 250,000, confirmed to increase from 19 per cent to 25 per cent;
  • Companies with profits between 50,000 and 250,000 to pay between 19 per cent and 25 per cent;
  • Companies able to deduct investment in new machinery and technology to lower their taxable profits;
  • Prison sentences for those convicted of marketing tax avoidance schemes;
  • Tax breaks and other benefits for 12 new Investment Zones across the UK, funded by 80m each over the next five years;
  • Reduced paperwork for international traders;
  • Fuel duty frozen - the 5p cut to fuel duty on petrol and diesel, due to end in April, retained for another year;
  • Alcohol taxes to rise in line with inflation from August, with new reliefs for beer, cider and wine sold in pubs;
  • Tax on tobacco to increase by two per cent above inflation, and six per cent above inflation for hand-rolling tobacco.

Other measures

  • Government subsidies limiting typical household energy bills to 2,500 a year extended for three months, until the end of June;
  • 200m to bring energy charges for prepayment meters into line with prices for customers paying by direct debit;
  • Commitment to invest 20bn over next 20 years on low-carbon energy projects;
  • Nuclear energy to be classed as environmentally sustainable for investment purposes; promise of more public funding;
  • 63m to help leisure centres with rising swimming pool heating costs, and invest to become more energy efficient;
  • Families on universal credit to receive childcare support up front instead of in arrears, with the 646-a-month per child cap raised to 951;
  • Commitment to raise defence spending by 11bn over the next five years;
  • 900m for new super computer facility, to help UK's AI industry.

Spring Budget 2023
For more information and expert analysis on issues relating to freelancers, contractors and small businesses in the Autumn Statement see Shout99's Political News section.

Further IR35 information
For more information about all aspects of IR35, including the controversial IR35 reforms see Shout99's News on IR35 section.

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Susie Hughes Shout99 2023

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