Lentells Limited

CHARD 01460 64441 | SEATON 01297 20584 | TAUNTON 01823 286274 | PAYROLL 01460 68700
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Wednesday, 15 March 2023 15:29

Budget Key Points

Chancellor Jeremy Hunt has announced his first Budget. Read the key points from his announcement here; 

Taxation

  • Abolition of the pension lifetime allowance 
  • Tax-free yearly allowance for pensions to rise from £40,000 to £60,000 
  • The 5p cut to fuel duty on petrol and diesel to stay 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 and hand-rolling tobacco to increase by 2% more than inflation and 6% more than inflation respectively 

Corporation Tax

  • Rate of corporation tax for businesses with taxable profits over £25,000 to increase from 19% to 25%
  • Companies with profits between £50,000 and £250,000 to pay between 19% and 25%
  • Companies with profits under £50,000 will continue to pay at 19%

Energy

  • Government subsidies limiting typical household energy bills to £2,500 a year extended until the end of June 2023
  • Energy charges for prepayment meters to be brought into line with prices for customers paying by direct debit
  • 363m to help leisure centres with rising swimming pool heating costs and investment to become more energy efficient

Childcare

  • 30 hours of free childcare for working parents in England to cover 1 and 2 year olds
  • Families on universal credit to receive childcare support up front instead of in arrears, with the per child cap raised to £951

Economy

  • Office for Budget Responsibility predicts the UK will avoid recession in 2023, but the economy will shrink by 0.2%
  • Growth of 1.8% predicted for 2024, 2.5% for 2025 and 2.1% in 2026
  • UK inflation rate predicted to fall to 2.9 by the end of this year
Last modified on Wednesday, 15 March 2023 16:26

        

 
 

Chard Office

17-18 Leach Road 
Chard Business Park 
Chard
Somerset 
TA20 1FA

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01460 64441

Seaton Office

Kingsway
50 Fore Street
Seaton
Devon
EX12 2AD

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01297 20584

Taunton Office

Ash House, Cook Way
Bindon Road
Taunton
Somerset
TA2 6BJ

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01823 286274