The March 2023 Budget
Our review, views and opinions from the Budget
Dafferns Review of the March 2023 Budget
Martin Gibbs, Brian Jukes and Keely Hughes give their take on the March 2023 Budget
This was a Budget that clearly attempted to tackle the most significant issues affecting the UK economy right now, even briefly mentioning the need to settle industrial disputes and get people back to work, although obviously with no measures announced as to how that will be achieved other than focusing on cutting inflation.
March 2023 Budget news and blogs
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Tax Rates 2023-24
Available as a PDF download, here is our annual tax rates card for the 2023-24 tax year
- Income Tax rates, bands and allowances
- Individual Savings Accounts
- Devolved Income Tax rates – Scotland and Wales
- Capital Gain Tax rates and reliefs
- Inheritance Tax
- Car, van and fuel benefits
- National Insurance
- Selected rates
- Tax reliefs for individuals – EIS, SEIS, VCTs
- Corporation Tax
- Capital Allowances
- Pensions
- Value Added Tax
- Property Taxes
More people to pay top rate of income tax from April 2023
The Chancellor says the threshold for when the highest earners start paying the top rate of tax will be brought down from £150,000 to £125,140 and this is effective from April 2023.
“Those earning £150,000 or more will pay just over £1,200 more a year”
The government says about 660,000 people pay the 45% rate of income tax.
Capital Gains Tax changes from April 2023
The annual exempt amount for capital gains tax will be cut from £12,300 to £6,000 from April 2023 and then to £3,000 from April 2024.
Individuals should review their investments to consider triggering gains by 5 April 2023 to utilise the £12,300 allowance.
The November 2022 Autumn Statement
Still highly relevant in March 2023 – this was the Dafferns team’s reaction to the 2022 Autumn Statement, as new Chancellor Jeremy Hunt attempted to bring the UK out of recession, rebuild the economy and reduce the national debt.
With Emily Ball-Goldfinch, Brian Jukes and Martin Gibbs
Tax Rates 2022-23
Available as a PDF download, here is our annual tax rates card for the 2022-23 tax year
- Income Tax rates, bands and allowances
- Individual Savings Accounts
- Devolved Income Tax rates – Scotland and Wales
- Capital Gain Tax rates and reliefs
- Inheritance Tax
- Car, van and fuel benefits
- National Insurance
- Selected rates
- Tax reliefs for individuals – EIS, SEIS VCTs
- Corporation Tax
- Capital Allowances
- Pensions
- Value Added Tax
- Property Taxes
It is often said that there is a fine line between genius and madness. Never before in my working lifetime have I considered that comparison to be more appropriate to UK fiscal policy
Brian Jukes – Dafferns Tax Partner on 23 September 2022
Having just sat through the so called Mini Budget I can summarise my reaction by a mixture of shock and fear – fear for the future of the UK if the Government’s tax gamble doesn’t pay off, shock in that I have never seen such a dramatic change of direction before
