The Chancellor of the Exchequer presented his 2023 Spring Budget to parliament on Wednesday 15th March. We are pleased to share our summary and key points that came out of this budget.
These changes will take place after April 6th 2023.
Some of the key points included:
- Most tax allowances frozen (income tax bands, IHT allowances)
- Capital Gains Tax annual exemption will be cut from £12,300 to £6,000 to April 2023 then a further cut to £3,000 in April 2024
- Fuel and alcohol duty no change
- Corporation Tax main rate increasing from 19% to 25%
- Energy bill support scheme extended
- Tax – Free Annual Pension Contribution allowance is set to increase from £40,000 to £60,000 pa
- Money Purchase Annual Allowance for pension contributions has been increase from £4,000 to £10,000 pa
- The Lifetime Allowance for large pension funds will be abolished
- Tapered Annual Allowance will be increasing to £4,000 to £10,000
SPRING BUDGET OVERVIEW 2023