Budget summary: Key
points from Jeremy Hunt’s 2023 Budget 6park.com
Taxation and wages 6park.com

 Cap on amount workers can
     accumulate in pensions savings over their lifetime before having to pay
     extra tax (currently £1.07m) to be abolished
 Tax-free yearly allowance for pension pot to rise from £40,000 to
     £60,000 - having been frozen for nine years
 Fuel duty frozen - the 5p cut to fuel duty on petrol and diesel, due
     to end in April, kept 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 2% above inflation, and 6% above
     inflation for hand-rolling tobacco
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Energy 6park.com

 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 - affects 4m households
 Commitment to invest £20bn over next two decades on low-carbon
     energy projects, with a focus on carbon capture and storage
 Nuclear energy to be classed as environmentally sustainable for
     investment purposes, with promise of more public funding
 £63m to help leisure centres with rising swimming pool heating
     costs, and invest to become more energy efficient
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Jobs and work 6park.com

 30 hours of free childcare for
     working parents in England expanded to cover one and two-year-olds, to
     be rolled out in stages from
     April 2024
 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
 £600 "incentive payments" for those becoming childminders,
     and relaxed rules in England to let childminders look after more children
 New fitness-to-work testing regime to qualify for health-related
     benefits
 New voluntary employment scheme for disabled people in England and
     Wales, called Universal Support
 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
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Economy and public finances 6park.com

 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 next year, with 2.5% in 2025 and 2.1%
     in 2026
 UK's inflation rate predicted to fall to 2.9% by the end of this
     year, down from 10.7% in the last three months of 2022
 Underlying debt forecast to be 92.4% of GDP this year, rising to
     93.7% in 2024
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Business and trade 6park.com

 Main rate of corporation tax,
     paid by businesses on taxable profits over £250,000, confirmed to increase
     from 19% to 25%
 Companies with profits between £50,000 and £250,000 to pay between
     19% and 25%
 Companies able to deduct investment in new machinery and technology
     to lower their taxable profits
 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, who will also be given
     longer to submit customs forms under streamlined rules
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Other measures 6park.com

 Commitment to raise defence
     spending by £11bn over the next five years
 Prison sentences for those convicted of marketing tax avoidance
     schemes
 £200m this year to help local councils in England repair potholes
 An extra £10m over next two years for charities in England helping
     to prevent suicide
 Streamlined approvals process promised for new medical products
 £900m for new super computer facility, to help UK's AI industry
BBC: 
https://www.bbc.co.uk/news/business-64789405 6park.com