One Four Nine Wealth Guide to the Spring Budget 2023
A comprehensive guide and analysis of the key announcements
On Wednesday 15 March, Jeremy Hunt, the Chancellor of the Exchequer, addressed the Commons to deliver the Spring Budget 2023, with an aim to bring people back into the workforce. Mr Hunt commented that the Office for Budget Responsibility (OBR) expects inflation to fall from 10.7% to 2.9% by the end of 2023.
Key budget announcements included the abolishing of the Lifetime Allowance on tax-free pension contributions, which was previously set at £1,073,100. The tax-free annual pension allowance for pension pots will also rise from £40,000 to £60,000 from 6 April 2023.
Fuel duty has been frozen again whilst help with energy bills will remain for an extra three months and disabled people can apply for up to 50,000 places on a new voluntary employment scheme funded by the government. The Chancellor also confirmed that Corporation Tax will rise from 19% to 25% in April.
Read our Spring Budget 2023 here.
What does the Spring Budget 2023 mean for you, your family and business?
In our comprehensive guide to the Spring Budget 2023, there is everything you need to know about the key announcements from the Chancellor’s speech. If you have any questions or would like to discuss your situation please do reach out to your local investment, financial advisory or planning team here.
