Personal and family planning Contents This content is for general information only and is not intended to be advice to any specific person. As with all tax planning, you are recommended to seek competent professional advice before taking or refraining from taking any action on the basis of the contents of this publication. The Financial Conduct Authority does not regulate tax advice, so it is outside the investment protection rules of the Financial Services and Markets Act and the Financial Services Compensation Scheme. This publication represents our understanding of law and HMRC practice as at 3 May 2023. All rights reserved. The Spring Budget in March 2023 relaxed the limits on contributing to pension savings for individuals and their employers and removed the lifetime limit on the value of taxefficient pension pots. The bad news is that the threshold for 45% tax was lowered to £125,140 from April 2023, and for taxpayers in Scotland the highest rate of tax above that threshold was raised to 47%. Personal tax allowances and income tax bands have been frozen until April 2028, which will effectively raise taxes by the operation of inflation. State pensions and benefits have risen by 10.1%, but the average rate of inflation has been running at over 10% since July 2022 with food and drink, electricity and gas increasing by much more. There is pressure to raise wages, so anything you can do to keep your employees happy will help your business. This guide highlights 50 ways in which you can currently use certain tax reliefs to your advantage, and how to avoid some of the tax penalties. It can help you navigate the complexity of certain tax rules and create more tax-efficient plans. Introduction TAX PLANNING TIPS | May 2023 2 Savings and investment Your property Retirement planning Estate planning Your business Employment and remuneration
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