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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

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