Apr
20
Spring Finance Bill 2023
Author: Chloe Smith, Updated: 20 April 2023 10:56
This week, I’ve been voting for the Spring Finance Bill 2023 in Parliament.
The measures in the Bill will reward Norwich businesses that invest and innovate, recognising how they support growth.
They include two new major capital allowances – full expensing and a 50% First Year Allowance – worth £27 billion over the next three years and amounting to an effective £9 billion a year corporation tax cut for companies.
The Bill also includes pensions tax changes to support 15,000 doctors and other highly-skilled individuals to stay in work, which is something that I've been working with the Norfolk and Norwich University Hospital on, as well as the Brexit Pub Guarantee, an increase in Draught Relief from August to ensure the duty on an average pint of beer at the pub does not increase.
Chloe Smith