Each year, we publish our Langdowns DFK report, outlining everything you need to know from the Chancellor’s announcements. This week’s Spring Budget changes include:
- Main rate of corporation tax, paid by businesses on taxable profits over £250,000, confirmed to increase from 19% to 25%
- Cap on amount workers can accumulate in pensions savings over their lifetime before having to pay extra tax (currently £1.07m) to be abolished
- Tax-free yearly allowance for pension pot to rise from £40,000 to £60,000
- 30 hours of free childcare for working parents in England expanded
- Companies able to deduct investment in new machinery and technology to lower their taxable profits
- Government subsidies limiting typical household energy bills to £2,500 a year extended for three months
Spring Budget 2023: A Round-Up
If you have any questions, please contact glovell@langdownsdfk.com.
