Winners and Losers: 15 Predictions for the Spring Budget 2024

Based on the insights from various sources, here’s an expanded list of 15 key predictions for the UK’s Spring Budget 2024:

#1. Inheritance Tax Reform

Potential reforms or abolition to appeal to voters, focusing on increasing tax-free thresholds or revisiting gifting allowances (MoneyWeek).

#2. Income Tax Cuts

Speculation about lowering the basic rate of income tax to benefit lower and middle-income earners (MoneyWeek).

#3. Dividend and Capital Gains Allowances Restoration

Consideration of reversing planned cuts to alleviate pressures on investors and entrepreneurs (MoneyWeek).

#4. Great British ISA Introduction

Discussions on a new ISA allowance specifically for investments in British companies, though facing criticism for potential complexity (MoneyWeek).

#5. Lifetime ISA Reforms

Calls for adjustments to the property value limit and penalty structure for early withdrawals (MoneyWeek).

#6. Addressing Fiscal Drag

The Chancellor may uprate some tax thresholds to assist households affected by fiscal drag due to frozen tax allowances (Bishop Fleming).

#7. Childcare Reforms Expansion

Further support for families could be announced, building on the upcoming childcare reforms (BDO).

#8. High-Income Child Benefit Charge Threshold Increase

Possible adjustments to address the “unfairness” affecting dual-income families (BDO).

#9. Aspirational Support Measures

Proposals that demonstrate traditional Conservative values ahead of the General Election, possibly including help for homebuyers (BDO).

#10. Help-to-Buy Scheme Return

Speculation about reviving or updating the scheme to assist first-time buyers without distorting the property market (BDO).

#11. Lifetime ISA Threshold Adjustment

Potential increase or abolition of the threshold for using LISA funds to buy homes, especially in high-cost areas like London (BDO).

#12. NatWest Bank Public Share Offer

Rumoured plans for a public share offer for the government’s stake in NatWest bank as part of an “aspiration” package (BDO).

#13. Investment in UK Companies Incentive

Changes to ISA rules favouring investment in UK-listed companies could be announced (BDO).

#14. VAT Registration Threshold Increase

Raising the threshold to support small business growth and simplify the tax system for businesses (BDO).

#15. Business Tax Stability

Corporation Tax is likely to remain at its current rate, but further reliefs are expected to be introduced (Bishop Fleming).

Each of these predictions reflects the Chancellor’s potential policy directions to address current economic challenges, support families and businesses, and position the Conservative Party ahead of the upcoming general election. For further details and analyses, please refer to the insights provided by MoneyWeek, Bishop Fleming, and BDO.

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The post Winners and Losers: 15 Predictions for the Spring Budget 2024 first appeared on Edge Media.

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For transparency, this content was partly developed with AI assistance and carefully curated by an experienced editor to be informative and ensure accuracy.