Spring Budget 2023

The Chancellor of the Exchequer delivered his Spring Budget today (15 March 2023). In his speech to Parliament, amongst the wide-ranging measures he covered, he announced the following which may be of particular interest:

• The Pensions Lifetime Allowance, or the cap on the amount which can be accumulated in pension savings over a lifetime before an additional tax is charged and which stood at £1,073,100, is to be abolished.
• The Pensions Annual Allowance, or the yearly allowance which can be paid in pension contributions, increases by 50%, from £40,000 to £60,000, having been frozen for nine years.
• Fuel duty frozen - the 5p cut to fuel duty on petrol and diesel, due to end in April, kept for another year.
• From August, alcohol taxes on draft beers in pubs to be 11p in the pound lower than the rate in supermarkets.
• The Energy Price Guarantee will continue to the end of June - typically household bills will be held at £2,500.
• The introduction of apprenticeships for the over-50s, called “Returnships”, so that there will be more places on "skills boot camps" to encourage over-50s who have left their jobs to return to the workplace.
• Prison sentences for those convicted of marketing tax avoidance schemes!

Ifyou think you might want to discuss any of the above or anything else raised by this Budget, please contact your normal Dentons Wealth Adviser.