The 'super deduction' capital allowances, which provide companies with a deduction of 130% of the cost of new plant and machinery, will end for expenditure incurred after 31 March 2023 as scheduled.

The Budget confirmed that the main rate of corporation tax will rise from 19% to 25% on 1 April 2023 but the small profits tax rate will stay at 19% where the company's profits do not exceed £50,000.

The Chancellor announced the relaxation of three different pension allowances to encourage older taxpayers to remain an active part of the workforce or to return to employment if they have retired early.

It is easy to forget the hidden tax rises which are created by frozen and cut allowances, so here is a quick reminder.

The pensions lifetime allowance effectively caps the amount that can accumulate in a person's pension fund and be extracted with favourable tax treatment. This covers all contributions paid in and any organic growth in the fund.

The Chancellor announced the extension of free childcare places to children under three years old in England to match the 15 or 30 hours of free childcare currently provided to three and four year olds in term time.