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Spring Budget 2023: What was in the small print?
Not all of the government's changes made it into the speech – we've scoured the
Spring Budget document to find the details you may have missed
Jeremy Hunt has delivered the first full Spring Budget of his chancellorship, promising to chart a course through the cost of living crisis with eye-catching policies, including a huge expansion in free childcare for working parents.
While his flagship announcements were either revealed in the speech or leaked to the media beforehand, not all changes have attracted as much attention.
Here, we've delved into the detail to bring you the changes that may have gone under the radar, which could affect your life and finances.
Help to Save extension
Help to Save is being extended for an additional 18 months, and will now run until April 2025.
First introduced in 2018, Help to Save is a type of government-backed savings account open to people receiving working tax credit or Universal Credit.
Savers can stash away between £1-£50 a month, with the government topping this up by 50p for every £1, for a maximum of four years. You can save a maximum of £2,400 over the course of the scheme, which – with the bonus – would leave you with a savings pot of £3,600.
The government is also planning to launch a consultation on longer-term solutions to encourage those on low incomes to build up a nest egg.
- Find out more: how to find the best savings account
Assignments for income tax repayments now void
As part of HMRC's crackdown on rogue tax refund companies, the Budget document confirmed that all assignments of income tax repayments are void as of 15 March.
Previously, people using tax refund companies had to sign a legally binding 'deed of assignment' enabling the company to claim a tax refund from HMRC on their behalf. This agreement would remain in place unless the individual asked the tax refund company to remove it.
This meant the tax refund company could apply its fees to further tax refunds, even if it had played no part in applying for them on the person's behalf – a fact many customers had been unaware of.
Assignments are being replaced with 'nominations' – where someone can nominate a tax refund agent to make a tax refund claim on their behalf, which can be cancelled at any time.
Cryptoassets to be added to tax returns
From 2024-25, self-assessment tax return forms will change to include a separate box for declaring cryptoassets, such as the cryptocurrency Bitcoin.
It's already the case that sales of cryptocurrency can sometimes be liable for capital gains tax or corporation tax.
- Check out our podcast: Cryptocurrencies made clear
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Listen nowHorizon scandal tax exemption
Post Office branch managers who received criminal convictions due to faulty accounting software will receive their compensation free of income tax, National Insurance contributions and capital gains tax.
The compensation arises from a group legal action following the high-profile national scandal, in which more than 700 sub-postmasters were wrongly convicted of theft, false accounting and fraud.
- Find out more: capital gains tax rates and allowances
Criminal tax crackdowns
As a deterrent against tax fraud, the maximum prison sentence – applicable only in the most serious cases – will double from seven to 14 years.
In addition, HMRC will be launching a consultation looking into the introduction of a new criminal offence for those who promote tax avoidance schemes. Another consultation will look at speeding up the disqualification of company directors who are involved in promoting tax avoidance.
