Spring Budget 23: Annual investment allowance raised to £1m

Corporation tax increase kick in from next month also confirmed

Hope William-Smith
clock • 1 min read

The annual investment allowance has been increased to £1m for small businesses in what will be a welcome move for advice firms.

Delivering the Spring Budget today (15 March) chancellor Jeremy Hunt confirmed 99% of all businesses will now be able to deduct the full value of their investment from each year's taxable profits. ‘Full expensing' has also been introduced for the next three years meaning all money invested in IT equipment by a small business can be deducted in full from taxable profits. Hunt has confirmed that the expensing will become permanent once the government is "responsibly able" to afford it and that the UK will be Europe's only country with full expensing. "The impact on the economy will b...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Your Business

Glasgow, Scotland

Wren Sterling confirms acquisition deal for Scottish advice firm

Active Wealth Management will join the national’s existing Glasgow office

Hope William-Smith
clock 22 March 2023 • 1 min read
Neil Messenger

Ex-Abrdn Advice boss launches IFA under Sandringham network

PIWA was set-up by ex-Abrdn Advice director Neil Messenger

Jenna Brown
clock 22 March 2023 • 2 min read
One of the deals is for a Cardiff-based firm

Perspective inks three acquisition deals and locks in eleven more

Three firms in Huddersfield, Cardiff and Whitstable snapped up

Hope William-Smith
clock 20 March 2023 • 1 min read