Tax Partner Charlotte Sallabank was quoted in two separate articles about the upcoming UK Spring Budget announcement and the anticipation surrounding its potential measures related to housing, taxation and more.
As reported by Accountancy Age, Charlotte expects the budget to serve as a critical platform for the Conservative government to introduce measures that will bolster support ahead of the next election. "The budget next week will likely be the last major fiscal event before the next election," she said. "Therefore, this could be an opportunity for the Conservative government to take bold strides in order to try and win-over voters pre-election." Charlotte also foresees the potential for environmental taxes and incentives to help tackle climate change or for new measures targeting cryptoassets and the digital economy.
While discussing the fiscal announcements with Today's Conveyancer and Accountancy Daily, Charlotte noted possible reductions in National Insurance Contributions rates and adjustments to the income tax personal allowance threshold. "The personal allowance threshold has been frozen since 2021 and the current plan is for it to remain frozen until 2028," Charlotte told Accountancy Daily. "The result of this freeze is that as salaries rise, more people come within the taxable income bracket – this fiscal drag contributes to the high tax burden." She emphasized, however, that "with the backdrop of slow economic growth," it remains to be seen "how ambitious the government can be in implementing substantial fiscal changes."
Related to the housing market and first-time homebuyers in today's uncertain economic landscape, Charlotte said, "A targeted reduction in Stamp Duty Land Tax could be a boon for those struggling to get onto or move within the property ladder, potentially easing some of the market inequalities."
"UK businesses on tenterhooks ahead of UK Spring Budget 2024," Accountancy Age, March 4, 2024
"Anticipation builds for Spring Budget with focus on housing and tax reforms," Today's Conveyancer, March 5, 2024
"Chancellor should raise tax thresholds, say accountants," Accountancy Daily, March 5, 2024
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