In an effort to boost innovation and drive business investment the treasury have announced several initiatives:
- A ‘full expensing’ policy introduced from 1 April 2023 until 31 March 2026 and an extension to the 50% first-year allowance in the same period – a transformation in capital allowances worth £27 billion to businesses over three years.
- A £500 million per year package of support for 20,000 research and development (R&D) intensive businesses through changes to R&D tax credits.
- Generous reforms to tax reliefs for the creative sectors will ensure theatres, orchestras, museums and galleries are protected against ongoing economic pressures and even more world-class productions are made in the UK.
Further details can be found at gov.uk
