Spring Statement – measures for business

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The Chancellor last week presented the Spring Statement

Measures to support businesses include:

Cutting fuel duty on petrol and diesel by 5p per litre for 12 months, worth around £200 for the average van driver and £1,500 for the average haulier.

Increasing the Employment Allowance from £4,000 to £5,000, allowing eligible businesses to reduce their employer National Insurance contributions each year.

Bringing forward an exemption on business rates for green technology, saving businesses an extra £35 million in 2022-23.

Reforming R&D tax credits to enable businesses to claim relief on the storage of their vital data and pure maths research.

The Treasury has also announced a series of potential policy changes to the UK’s existing capital allowances regime, which the government will consider ahead of April 2023.

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