As the Spring Budget approaches, anticipation is high for Chancellor Jeremy Hunt’s announcements.

Here’s a breakdown of what experts predict and hope to see:

Stamp Duty: Many expect reforms to Stamp Duty Land Tax (SDLT), as the current system is seen as outdated and hindering the housing market. Suggestions include lowering rates to stimulate transactions and ease financial burdens on buyers.

Support for SMEs: Amidst economic challenges, there are calls for increased support for small and medium enterprises (SMEs). Suggestions include further cuts to National Insurance and measures to stimulate consumer spending.

Income Tax: Reform of income tax calculations is anticipated, with hopes for simplification and reduction. Concerns about the impact on pension savings are raised, emphasizing the need for fairness in any changes.

ISA Reform: Experts advocate for simplification of Individual Savings Accounts (ISAs) and expansion of tax-free options. Suggestions include scrapping Lifetime ISA age restrictions and introducing a ‘British ISA’ to encourage investment in UK companies.

Inheritance Tax: Changes to Inheritance Tax (IHT) are expected, with calls for modernization and clarity in rules, especially regarding transfers in ill health.

Support for the Private Rented Sector (PRS): There’s a push for increased support for landlords and tenants in the private rental sector. Suggestions include a moratorium on new regulations to provide certainty for landlords and incentives for energy efficiency improvements.

As we await the Budget, stay informed and consider how potential changes may impact your finances. For any customers seeking guidance in uncertain times, reach out to us for personalised assistance and support.

Annabelle Bezant, March 2024