Budget 2023

Key tax measures announced include: 

• 2% cut on main rate of national insurance

• abolishing class 2 national insurance contributions (NIC) 

• cutting class 4 NIC 

• a permanent extension of the full expensing capital allowance scheme

• national living wage increased for 23-year-olds and over to £11.44 per hour

• freeze all alcohol duty until 1 August 2024

• increase state pension by 8.5%

• confirmation of the new merged research and development (R&D) scheme

• freeports extended for another five years

• 75% business rate discount for retail, hospitality and leisure extended until 2025

• tax relief for visual effects expenditure