Based on the insights from various sources, here’s an expanded list of 15 key points from 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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For transparency, this content was partly developed with AI assistance and carefully curated by an experienced editor to be informative and ensure accuracy.