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.

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

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 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 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.

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.

Ambitious entrepreneurs who want to attract investors can use two different schemes to provide the investor with income tax relief on the value subscribed for shares and capital gains tax relief on the disposal of those shares.

Last Autumn the Chancellor cut the enhanced deduction for expenditure by SME companies on R&D projects from an extra 130% to 86% and the payable tax credit from 14.5% of the loss surrendered to 10%. These new rates will come into effect for qualifying R&D expenditure incurred from 1 April 2023 onwards.