After Jeremy Hunt unveiled his Spring Budget 2023 yesterday, we wanted to shed a bit more light on the changes he made - specifically to pensions, and what might mean for our clients.

This includes the removal of the Lifetime Allowance, as well as increasing the Annual Allowance, Tapered Annual Allowance and Money Purchase Annual Allowance.

The Lifetime Allowance was suspected to rise to £1.8m, so removing the allowance in it's entirety has come as quite a shock to many people.

As Independent Financial Planners, we primarily deal with people in or nearing retirement, so we know the changes to pension rules can have a large impact on your financial plan.

If you have any further questions about anything we've covered in this video, please feel free to leave a comment - we do read them all!

CHAPTERS

00:00 - Spring Budget Overview
01:21 - Annual Allowance
01:52 - Tapered Annual Allowance
02:06 - Money Purchase Annual Allowance
02:27 - Personal Income Tax Allowance
02:54 - Child Benefit
03:09 - Lifetime Allowance
04:44 - What do these changes mean for you?
05:56 - State Pension
06:18 - Capital Gains Tax
07:16 - Corporation Tax
07:34 - Other Budget News


CONTACT US:

Website: www.wealthofadvice.co.uk
Call us: 0191 384 1008
Email us: enquiries@wealthofadvice.co.uk


FOLLOW US :

Facebook: https://www.facebook.com/wealthofadvice
Twitter: https://twitter.com/wealthofadvice
LinkedIn: https://linkedin.com/company/wealthofadvice
Instagram: https://www.instagram.com/wealthofadvicene/

Wealth of Advice are authorised and regulated by the Financial Conduct Authority, reference number 563909.

Past performance is no guide to future returns. Your investments can go down as well as up, so you could get back less than you originally invested.