Summary of key announcements from UK Budgets

Spring Budget 2023

The Spring Budget 2023 had limited impact on individuals from a tax perspective.  However, the main impact of note was in relation to pensions and in particular 2 key changes:-

- From 6 April 2023, individuals can receive tax relief on pension contributions of up to £60,000 an increase of £20,000 compared to prior years;  However, please note these amounts are tapered depending on your level of income subject to a minimum available allowance of £4,000 a year.

- The lifetime pension allowance (LTA) currently set at £1.073m is the maximum amount you can draw from your pension without paying extra tax.  From 6 April 2023 the LTA charge will be removed with the allowance being abolished from 6 April 2024.  Read On

Chancellor Rishi Sunak delivered his Budget 2021 speech to the House of Commons on 27th October– a fiscal approach designed to prepare the UK for an “age of optimism” in the post-Covid-19 economy. Nevertheless, Mr. Sunak sounded a note of caution that this Budget did not draw a line under Covid-19, acknowledging issues regarding increasing inflation and cost of living. Read On

he Budget comes at a time when concerns are rising about the public health and economic impacts of the coronavirus. The OBR’s forecast figures don’t reflect the latest developments with the virus.

This is the first budget since the UK formally left the EU. The UK is currently in a transition period during which nearly all EU rules will continue to apply. The transition period is set to end after 31 December 2020. A future relationship is being negotiated by the UK and EU for the post-transition period Read On