A quick list of the changes to taxes and related legislation from April 2023 – These have been in the pipeline for a few years now, the impending March 2023 budget may alter some of these. ** Now updated for March 2023 budget**
- £900 Cost of Living Payment for households on means-tested benefits in 2023-24
- £300 Pensioner Cost of Living Payment in 2023-24
- £150 Disability Cost of Living Payment in 2023-24
- Business Rates: freezing the multiplier in 2023-24
- Business Rates: 75% relief for Retail, Hospitality and Leisure sectors in 2023-24, up to £110,000 cash cap
- Business Rates: three-year transitional relief to limit bill increases at the revaluation
- Business Rates: three-year supporting small businesses scheme for properties losing Small Business Rates Relief or Rural Rates Relief
- Business Rates: delay improvement relief by one year to April 2024
- Business Rates: relief for property improvements from 2024-25
- Income Tax and National Insurance: maintain thresholds at 2023-24 levels until April 2028
- Inheritance Tax: maintain thresholds at current level until April 2028
- Income Tax: reduce the dividend allowance from £2,000 to £1,000 from April 2023 and then £500 from April 2024
- Income Tax: reduce the additional rate threshold from £150,000 to
£125,140 from April 2023
- Capital Gains Tax: reduce the annual exempt amount from £12,300 to
£6,000 from April 2023 then £3,000 from April 2024
- Vehicle Excise Duty: equalise treatment of electric and internal combustion engine vehicles from April 2025
- National Insurance: maintain the secondary threshold for employer contributions at current levelfrom April 2023 until April 2028
- R&D tax reliefs: rebalance generosity of reliefs from 1 April 2023
- VAT: maintain registration threshold at current level, £85,000 to 31 March 2026
- Van benefit charge: uprate with CPI in 2023-24
- Car fuel benefit charge: uprate with CPI in 2023-24
- First Year Allowance for electric vehicle charge points: extend for a further two years until April 2025
- Pension Credit: uprate Standard Minimum Guarantee by CPI in 2023-24
- Benefit cap levels: uprate by CPI in 2023-24
- Capital Gains Tax: extend the period for no gain/no loss transfers to three years for couples that separate or divorce
- Annual Investment Allowance: permanently set at £1m from April 2023
- Income Tax: basis periods reform for the self-employed from April 2024 with transition year in 2023-24
- Corporation Tax: 19% rate for profits up to £50,000, tapering to main rate of 25% for profits over £250,000, from April 2023