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The Chancellor of the Exchequer, Jeremy Hunt, delivered the government’s Spring Budget on Wednesday, 15 March 2023 against a backdrop of rocketing inflation and the continuing cost of living crisis, and with widespread industrial action bringing the country to a standstill. It was therefore unsurprising that many of the measures announced were designed to boost the stalling economy, such as the abolition of the pensions lifetime allowance from April 2024 and the increase in the pensions annual allowance from April 2023, designed to encourage early retirees back to the workforce.

Other announcements of interest to Private Client practitioners include changes to the scope of agricultural property relief from IHT, an extension of the CGT exemptions on transfers following a divorce and removal of reliefs on gifts to European charities.

The government has announced that it intends to publish Spring Finance Bill 2023 next week on 23 March 2023.

Download the Spring Budget 2023—key announcements for Private Client practitioners here, which includes initial reactions from the market.

For the key business tax announcements, see Spring Budget 2023—key announcements for Tax practitioners

For the key measures announced across the practice areas covered by ½Û×ÓÊÓƵ® Practical Guidance see: Spring Budget 2023—key announcements across Practical Guidance