Spring Budget 2024
Our experts give their insights on the Spring Budget and how changes could impact your money.
Key points from the Spring Budget:
National Insurance cut by 2% but tax thresholds still frozen, reducing the impact of the cut
New UK ISA to be introduced with additional £5,000 ISA allowance for investments in UK-listed companies, with more details to be announced later
Natwest public share sale planned this summer as the Government begins to sell its stake
Non-dom status abolished bringing more foreign nationals into the UK tax system
High Income Child Benefit Charge threshold increased to £60,000 from April 2024
Pension “Pot for Life” reforms still being considered, potentially meaning more choice for pension savers in the future
In what is very likely an election year, the chancellor used this Budget to focus heavily on plans to promote economic growth and cut taxes. While duties on fuel and alcohol are frozen for another 12 months, it is a 2% cut in national insurance that’s the headline grabber here. Everyone wants to pay less tax, although with thresholds still frozen, many people won’t feel much better off after this Budget.
But investors do have something to cheer about. A new UK ISA will broaden access to investing and could drive extra investment in UK companies, but it alone is not the panacea for the domestic stock market’s ills. However, it looks like we will have a retail share offer to look forward to this summer as the government looks to sell its remaining NatWest shares. Overall, there are some nice giveaways, good ideas and a better growth outlook for UK Plc, but Hunt will have wanted more ammunition to make this an election winner.
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest.