Ten key takeaways from the 2023 Spring Budget

LTA scrapped and OBR forecast

Investment Week summarises ten of the key points from Chancellor Jeremy Hunt’s Spring Budget, released earlier today (15 March).

Abolition of pensions lifetime allowance The chancellor scrapped the LTA and increased the annual allowance from £40,000 to £60,000. The LTA was originally set at £1.5m when it was introduced in 2006. It gradually rose to £1.8m in 2010 but fell to just £1m in 2016. Upratings since then have seen the LTA grow to £1.1m. The AA was originally set at £215,000 in 2006, rising to £255,000 in the 2010/11 tax year before being cut back. The MPAA was introduced in April 2015 at £10,000, before being cut to £4,000 from the 2017/18 tax year. OBR forecasts inflation and living standards will...