Spring Budget 2023

Analysis and commentary identifying the significant tax changes and practical implications for both individuals and businesses.

Chancellor Jeremy Hunt shared his full Budget this week.

In positive news the Chancellor announced that the OBR now forecasts the UK will not enter a technical recession this year although living standards are still predicted to fall by 6% within this fiscal year and the next.

Key budget announcements included the abolishment of the Lifetime Allowance on tax-free pension contributions and the increase of tax-free annual pension allowance from £40,000 to £60,000 from 6 April 2023.

Working parents in England are set to receive 30 hours of free childcare per week, though this won’t be fully implemented until 2025.

To support the rising cost of living, fuel duty has been frozen again and help with energy bills will remain for an extra three months.

For businesses, the Chancellor also confirmed that Corporation Tax will rise from 19% to 25% from April.