Spring Budget 2023
Posted on 21st March 2023 at 10:38
With a year of policy reversals and new ideas on how we can get economic growth back into the UK, you would be forgiven for expecting more radical announcements from the Chancellors Speech on 15th March 2023.
There were however some additional items that were announced which most notably included:
An increased to annual allowance for pensions savings from April 2023 – increasing from £40,000 to £60,000.
The abolishment of Lifetime Allowance Charge; the maximum tax free lump sum remains 25% of the previous allowance i.e. £268,275.
Super Deduction to finish still as of 31st March 2023, but the upper limit on qualifying first year allowance expenditure to be scrapped for the next three years from 1st April 2023
Energy price guarantee for domestic households to be retained at £2,500 for a further 3 months to 30th June 2023
Expansion of the free childcare provision to be phased in from April 2024.
Further details are outlined within our Budget Summary – if you have any specific questions please reach out to one of the team that would be pleased to assist.
Read our summary here – Spring Budget 2023
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