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The Chancellor, Jeremy Hunt, made his Spring Budget 2023 speech on Wednesday 15 March. Highlights of the speech include a proposal to allow companies to expense Capital Allowances and to abolish the pension Lifetime Allowance. Further key announcements for Small and Medium Sized Entities (SMEs) and their owners are below.

The Chancellor, Jeremy Hunt make his 2023 Budget speech at 12.30 today. Live highlights of his speech will follow here. Further details will be published by the government online via HMRC and Treasury channels following the speech. 

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This week we continue to explore optimising owner-director remuneration, we look at business start-ups, whether you are trading or acting as a landlord, and we have some new tax guides for pubs and brewers, new VAT briefs, further updates, tax cases and news.

In Muller UK & Ireland Group LLP & Ors v HMRC [2023] TC08742, the First Tier Tribunal (FTT) held that a Limited Liability Partnership (LLP) was related to all of its corporate members despite not being a 'company'.  As a consequence, the relief claimed for the amortisation of Intellectual Property (IP) acquired from those companies was denied.

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This week we consider how landlords can cheaply top up their entitlement to the State pension and we have new CPD covering the taxation of couples. We review HMRC's Stamp Duty Newsletter from HMRC and a couple of case reports which show what happens when professional advice goes wrong. We also have updates on capital gains reporting and the tax treatment of compensation received by postmasters.