A surprise announcement in the Budget to abolish the lifetime allowance for pensions also gave some respite to users of pension drawdown and the annual allowance, explains Zigurds Kronbergs FCA FCCA, senior tax writer, Croner-i

The government has published a draft of Finance Bill 2023 with details of tax changes due to come into effect from April including a 6% hike in corporation tax, end of lifetime allowance and full expensing rules

Road tax for car drivers is set to rise by 13.4% in line with the retail price index (RPI) from 1 April 2023 

Taxpayers will feel ‘continuing pain’ in 2023 as the Budget did little to alleviate the cost of living crisis

The government will tighten up the rules when an asset is disposed of under an unconditional contract so that HMRC has up to four years to investigate taxpayers

A number of administrative changes to the enterprise management incentives (EMI) scheme will be introduced in April 2023 to simplify the application process

As part of tax simplification, the government plans to reform cash basis accounting rules by increasing the turnover threshold, possibly to £1.35m, to allow more businesses to use the system

As the Chancellor set out his plans in the Budget, accountants and auditors reacted with disappointment, specifically at the lack of support for small businesses

HMRC plans to increase their checks on crypto asset reporting in self assessment tax returns by requiring separate reporting of gains and income

In the Budget, the Chancellor announced a ‘Brexit pubs guarantee’ to keep the tax on beer and cider up to 11p lower than supermarkets, but wine and spirit prices soar

Jail sentences of up to 14 years will be introduced for tax fraudsters, while more funding has been set aside for HMRC to tackle tax evasion

In the Budget, the Chancellor announced plans to help get people back to work, introducing ‘returnerships’ for over-50s