GUIDE TO WEALTH SUCCESSION |
SPRING BUDGET STATEMENT 2023
Analysis of the key tax changes and outlining the practical implications for you, your family and your business
One of the most interesting announcements for our clients included the abolishing of the Lifetime Allowance on tax-free pension contributions, which was previously set at £1,073,100. This is good news for higher earners and those with large pension pots. The standard tax-free annual pension contribution amount will increase from £40,000 to £60,000 from 6th April 2023.
Changes take effect from the new tax year starting 6th April 2023 and we will be happy to discuss the implications and benefits for you.
