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CTT Accountancy are pleased to present our Summary of the Spring Budget 2023.

We have summarised the important announcements made by the Chancellor in yesterday’s address, which include:

• Currently, the first £2,000 of dividends is chargeable to tax at 0% (the Dividend Allowance). This will be reduced to £1,000 for 2023/24 and £500 for 2024/25.

• Pension annual allowance increased to £60k from £40k and lifetime allowance scrapped

• Capital gains tax annual exempt amount will be reduced from £12,300 to £6,000 from 6th April 2023 and to £3,000 from 6th April 2024.

• The Universal Credit childcare cap will increase to £951 for one child (up from £646) and £1,630 from two children (up from £1,108)

Throughout our summary, we have also incorporated informative comments to help you understand the impact that the budget changes could have on you and your business.

Take a look at our Spring Budget Statement summary here: Spring Statement Summary 2023.

Please do not hesitate to contact us if you have any concerns or want more specific advice; our Accountancy team will be happy to assist you.