Budget 2024: Expectations of significant changes and potential taxation revisions

The Chancellor of the Exchequer, Jeremy Hunt, is likely to present a range of measures aimed at stimulating growth, supporting industries, and addressing challenges. This will undoubtedly include some taxation reform. There are likely to be provisions made to improve social welfare advancements with calls on the Government to increase funding for education and healthcare and climate initiatives to tackle the ongoing environmental issues we face.

Steele Raymond’s Estate Planning and Tax team will be paying attention to the Budget in particular announcements affecting Income Tax, Capital Gains Tax, and Inheritance Tax. Changes to tax rates or thresholds as well as adjustments to tax credits, allowances and deductions are all different ways that Jeremy Hunt may modify the tax landscape. Lower tax rates could be introduced to stimulate economic growth or tax rates increased to raise additional revenue.

We wait to see if there will be a revision on the rules calculating capital gains or losses or to see if there are adjustments made for lifetime gifting and trusts which may see changes made to the Inheritance Tax rules.

Please do look back tomorrow for our teams’ views on the Budget 2024 once Jeremy Hunt has delivered his speech.