On Wednesday 15 March 2023, The Chancellor Jeremy Hunt delivered his Spring Budget for 2023.
Key areas which impact the Automotive Retailing Sector include:
- Corporation Tax Hike will rise to 25%, from 19%
- Investment Incentive
- Government is now introducing full expensing from 1 April 2023 until 31 March 2026. This means that companies across the UK will be able to write off the full cost of qualifying main rate plant and machinery investment in the year of investment
- The 5p fuel duty will be frozen for a further 12 months, until March 2024.
Find the full NFDA Spring Budget and Spending Review 2023 policy document: [Link Here]
Find the full NFDA Press release following the announcement here: [Link Here]
