Page 32 - Budget Newsletter - March 2023

TAX PRIVILEGED INVESTMENTS (MAXIMUM INVESTMENT)

2022/23 2023/24
£ £
ISA
Overall per tax year 20,000 20,000
Maximum cash ISAs for 16 and 17 year olds 20,000 20,000
Junior ISA (additional to overall limit for 16-17 year olds) 9,000 9,000

Lifetime ISA 4,000 4,000
Help to buy ISA° £200 p/m £200 p/m
Help to Save savings account £50 p/m £50 p/m
ENTERPRISE INVESTMENT SCHEME 2,000,000* 2,000,000*
(30% income tax relief)
Maximum carry back to previous tax year for income tax relief 2,000,000 2,000,000
SEED ENTERPRISE INVESTMENT SCHEME 100,000¶ 200,000¶
(50% income tax relief)
VENTURE CAPITAL TRUST 200,000 200,000
(30% income tax relief)
SOCIAL INVESTMENT TAX RELIEF 1,000,000 N/A
(30% income tax relief)

° Closed to new investors from 1 December 2019. Existing investors may continue to
contribute.
* Income tax-relieved investment above £1m must be in knowledge-intensive companies.
No limit for capital gains tax reinvestment relief.
¶ 50% capital gains tax reinvestment exemption in 2022/23 and 2023/24.

PENSIONS

2022/23 2023/24
Lifetime allowance* £1,073,100 N/A
Lifetime allowance charge:
Excess drawn as cash 25% of excess N/A
Excess drawn as income 55% of excess N/A
The maximum an individual can claim as
a PCLS (tax free cash lump sum), except £268,275 £268,275
where protections apply to take a higher
PCLS
Annual allowance £40,000 £60,000
Annual allowance taper: ¶
Threshold income limit £200,000 £200,000 (TBC)

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