Budget 2023: Those tax changes at-a-glance
- On March 15, 2023
- By GrowthInvest Marketing
Chancellor Jeremy Hunt’s blockbuster Budget for “Britain’s growth” certainly proved to be a big one for pensions, despite warnings to beware the Ides of March.
After nearly nine years of waiting for another significant pensions announcement, just like buses, three came along at once: the end of the lifetime allowance, changes to the annual allowance and, importantly, an uplift to the money purchase annual allowance.
Alongside these measures, Hunt aimed to push 700,000 lead carers of children, who are on universal credit, back into the workforce or to increase their working hours by boosting childcare incentives and making it harder to claim universal credit.
In his speech to parliament, the chancellor said: “Those who can work, should work because independence is always better than dependence.
“We need to plug the skills gaps and give people the qualifications, support and incentives they need to get into work. Through this plan, we can address labour shortages, bring down inflation, and put Britain back on a path to growth.”
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