Please find below our Spring Budget commentary that was included in the 6-17 March edition of Tax Matters Digest, our fortnightly newsletter which covers the key developments in tax and explores how they will impact your business.

If you have any questions or comments about Tax Matters Digest please email us.

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Spring Budget 2023

Where to find our written commentary and recordings of our live events.

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Budget: Full expensing for plant and machinery

Chancellor’s plan to replace the super-deduction regime will be welcomed by businesses.

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Budget: Tax incentivised UK Investment Zones to be established

A refocused Investment Zones programme has been launched.

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Budget: R&D reforms and additional support for R&D

The Chancellor has announced the introduction of additional targeted relief for R&D.

Budget: Reforms to the Creative Sector Tax Reliefs
Budget: Reforms to the Creative Sector Tax Reliefs

Audio-visual (film, TV and video games) tax reliefs move towards an expenditure credit.

Budget: Additional flexibility in UK tonnage tax regime
Budget: Additional flexibility in UK tonnage tax regime

Some significant changes to the UK tonnage tax regime, bringing welcome flexibility.

Budget: changes to pension savings limits
Budget: changes to pension savings limits

From 6 April 2023 the pension savings annual allowance will increase.

Budget: Consultation on APR and environmental land management
Budget: Consultation on APR and environmental land management

‘Taxation of environmental land management and ecosystem service markets’ published.

Budget: Enterprise Management Incentives easements
Budget: Enterprise Management Incentives easements

The Government has announced easements to the EMI regime in two stages.

Budget: Tax measures for insurance businesses
Budget: Tax measures for insurance businesses

Changes concern the taxation of reinsurance and court directed write downs.

Budget: Restriction of charitable reliefs to UK charities and CASCs
Budget: Restriction of charitable reliefs to UK charities and CASCs

Removal of charitable tax reliefs for EU and EEA charities.

Budget: Other tax measures
Budget: Other tax measures

Measures include multinational and domestic top up taxes, changes to REIT and more.

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