2023 Budget Announcements
Pension Lifetime Allowance (LTA) charge
This will be removed from April 2023 before the Allowance is abolished entirely from April 2024
Annual Allowance
Will be raised to £60,000 PA
Agricultural Property Relief And Woodlands Relief For Inheritance Tax
The government will restrict the scope of agricultural property relief and woodlands relief from inheritance tax to property in the UK from 6 April 2024.
Simplification For Trusts And Estates
To simplify administration, the government will formalise and extend an existing income tax concession for low-income trusts and estates and provide further changes to make calculations and reporting more straightforward. HMRC also intend to make changes to inheritance tax regulations to remove non-taxpaying trusts from reporting requirements.
Freezing Savings Tax Reliefs
The starting rate for savings will be frozen at £5,000, enabling individuals with less than £17,570 in employment income to receive up to £5,000 of savings income free of tax.
Individual Savings Account (ISA) Annual Subscription Limit
Annual subscription limits for Junior Individual Savings Accounts (ISA) and Child Trust Fund accounts will remain at £9,000 and the annual subscription limit for adult ISAs will remain at £20,000.
Tackling Promoters of Tax Avoidance
The government will consult shortly on the introduction of a new criminal offence for promoters of tax avoidance who fail to comply with a legal notice from HMRC to stop promoting a tax avoidance scheme.
Doubling Maximum Sentences For Tax Fraud
The government will double the maximum sentences for the most egregious forms of tax fraud from 7 to 14 years.
Amending The Self-Assessment Forms For Crypto Assets
The government is introducing changes to the Self-Assessment tax return forms requiring amounts in respect of crypto assets to be identified separately. The changes will be introduced on the forms for tax year 2024-25.
Capital Gains Assessment Time Period
The government will legislate to close an avoidance loophole that can leave HMRC out of time to assess tax due on capital gains when an asset is disposed of under an unconditional contract.