As the Deputy will recall, the Tax Policy Changes document published as part of Budget 2023 set out both the first and full year cost of taxation measures. Carryover is calculated as the difference between the effect on a full year and that on 2023.
The impact of carryover will be reviewed as part of the normal budgetary process, as there are several moving parts to be considered, such as the take-up of measures and specific tax relevant factors, which could impact on the expected return.
The Government’s medium-term budgetary stance was set out in the Summer Economic Statement 2021. The stance for Budget 2024 will be assessed in this year’s Summer Economic Statement, which will be published by Government this summer.
The net carryover effect into next year of Budget 2023 expenditure measures will be considered as part of the estimates process.