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The Office for Budget Responsibility (OBR) has been tasked with preparing fiscal and economic forecasts ahead of the Spring Budget, with the UK Government expected to lay out its proposals to bolster the UK’s economy and public finances for the 2024-25 financial year.

This year’s Spring Budget is also expected to be an integral milestone in the build-up to an election year in the UK.

Tax cuts could be on the Chancellor’s agenda in an attempt to give the voting public a boost to their coffers before heading to the polling stations.

What’s likely to be included in the Spring Budget 2024?

Increasing house prices and a freeze on inheritance tax thresholds is expected to push more taxpayers into paying inheritance tax on estates.

It’s possible the Government could look to reform or even scrap inheritance tax altogether. Reforms could include an expansion of tax-free thresholds, while scrapping it would attempt to gain favour with the Conservatives’ traditional voters.

During his Conservative leadership campaign in 2022, Rishi Sunak pledged to cut the basic rate of income tax. Income tax may come into focus in the Spring Budget 2024, although some suggest an increase to the personal income tax allowance may be fairer than a basic rate cut.

The Chancellor could also reconsider plans to further halve the dividend tax and capital gains tax-free thresholds, since further cuts would seem at odds with the Government’s growth agenda.

Sign up for our Spring Budget 2024 coverage

Whichever decisions are taken in the Spring Budget 2024, rest assured TaxAssist Accountants will provide you with fast, accurate coverage relevant to your small business.

Just sign up to our newsletter and you’ll receive a digestible summary sent directly to your email inbox.

You can also keep tabs with our real-time thoughts on Spring Budget 2024 via our X feed @TaxAssistUK.

Date published 8 Jan 2024 | Last updated 20 Mar 2024

Fraser McKay, MCIPR (Accredited)

Fraser is a highly experienced journalist and Accredited PR Professional and joined TaxAssist in 2016. He writes articles covering a wide range of topics relating to small businesses and accounting. In addition, Fraser provides communications training to the network, as well as looking after TaxAssist Accountants' national and local social media channels.

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