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Dentistry news – What does the new budget mean for dentistry?
Dentistry news - What does the new budget mean for dentistry?
Dentistry news and updates from the Flame Health blog, stay up to date with the industry! Chancellor Jeremy Hunt has revealed his spring budget – but what does it all mean for dental professionals and their finances?
Today (Wednesday 15 March) saw Chancellor Jeremy Hunt announce the latest package of financial measures amidst the current cost of living crisis.
According to the Office for Budget Responsibility (OBR), the UK will not enter a technical recession this year.
Hunt revealed a number of financial measures, including:
- The lifetime allowance – which refers to the total amount workers can accumulate in their pension savings before paying extra tax – has been abolished
- The pensions annual tax-free allowance will rise by 50% from £40,000 to £60,000
- Parents working 16 hours a week with children aged nine months to five years will get 15 hours free childcare
- Businesses will be able to offset 100% of UK investments against their profits to bring down tax bills.
Dentistry news - What does the new budget mean for dentistry?