2024 Spring Budget | Market Alert

March 4, 2024
2024 Spring Budget | Market Alert 

This weeks big news will see the 2024 spring Budget announced on Wednesday 6th March.

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The UK economy slipped into a recession towards the end of 2023, experiencing a contraction for two consecutive quarters.

Although Bank of England governor Andrew Bailey suggested to MPs that it might already be over, the impact remains significant.

The strain on households persists, with many facing financial challenges after enduring two years of rising prices.

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See below for a brief breakdown of what could be within this key Budget:

Income Taxes:

The government may reduce the main rate of income tax by 1p, costing approximately £7bn.
Alternatively, a similar amount could be spent by unfreezing the tax thresholds, potentially reducing taxes for millions of individuals.

National Insurance:

A further 1% reduction in National Insurance could cost £4.5bn yearly.

Air Passenger Duty:

Increasing Air Passenger Duty for business class passengers is being considered, potentially raising costs for these travelers.

Non-Dom Tax Status:

The government is looking into scrapping the tax status of individuals who live in the UK but are not domiciled here for tax purposes.

Oil and Gas Windfall Tax:

The windfall tax for oil and gas companies might be extended for another year.

Vaping:

There is talk of introducing a new tax on vapes, which currently only attract VAT.

Fuel Duty:

Fuel duty has been frozen since 2011, but a 5p increase is expected later in March.

Inheritance Tax:

Changes in inheritance tax are being considered, but specifics are not clear yet.

Childcare:

Potential changes to child benefit rules, especially for claimants earning over £50,000, are under review.

Holiday Lets:

The government may introduce new controls to prevent local people from being priced out of the housing market due to holiday lets.

99% Mortgages:

A possibility of introducing 99% mortgages has been reported, but this comes with some potential risks.

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Economic calendar

2024 Spring Budget due to be announced Wednesday 6th March at 2.30pm.

As ever we look forward to keeping you in the loop and look out for our next update.
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