16 March 2023

Spring Budget 2023

Budget 2023

Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ yesterday, we have everything you need to know from the Spring Budget covered here.

Here’s a summary of the key points we took from the Chancellors Budget:


  • An increase to the annual pension contribution allowance will increase from £40,000 to £60,000.
  • The expected increase in the rate of Corporation Tax for companies with a profit over £250,000 from April 2023 will increase to 25%.
  • Super-deduction for plant and machinery which is due to end on 31 March 2023, is to be replaced by new Full Expensing capital allowances regime.
  • New childcare funding to encourage people to get back to work.
  • The income tax personal allowance will now be fixed for an additional two years until April 2028 at £12,570.
  • Pension Lifetime Allowance where a pension pot exceeds £1,073,100 to be abolished.

If you have any questions or concerns following the Spring Budget, please do contact us to arrange a chat. We’ll be happy to talk you through the main business measures.

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