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

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.