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Spring Budget 2023

In his Spring Budget, Jeremy Hunt announced that the lifetime allowance on tax-free pension contributions has been abolished.

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The tax-free yearly allowance for pension pots is to rise from £40,000 to £60,000 after being frozen for nine years.

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He also confirmed that corporation tax for businesses will increase from 19% to 25%, and that qualifying businesses will be able to deduct investments in new technology to lower their taxable profits.

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