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Spring Budget set for 15 March

The Treasury has confirmed that the Spring Budget will be held on 15 March 2023

This follows the Autumn Statement where Chancellor Jeremy Hunt confirmed a number of tax rises, including the decision to freeze income tax thresholds until 2028, which will pull thousands of taxpayers into the 40p tax rate for the first time.

The base rate threshold will be frozen at £12,570 for the next six years, raising billions of pounds in tax revenue for the Exchequeur.

At the same time the additional rate threshold was reduced to £125,140.

The Chancellor also confirmed that the corporation tax rate would rise to 25% from the current 19% from April 2024.

In a written statement to MPs, the Chancellor confirmed: ‘I can inform the House that I have asked the Office for Budget Responsibility (OBR) to prepare a forecast for 15 March 2023 to accompany a Spring Budget.

‘This forecast, in addition to the forecast that took place in November 2022, will fulfil the obligation for the OBR to produce at least two forecasts in a financial year, as is required by legislation.’

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