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The March Budget – What to Expect

The long-awaited budget will be delivered by the new Chancellor Rishi Sunak as expected on 11 March 2020. Since it’s the first budget under a new Chancellor, a new Prime Minister, and the first one as a non-EU state in over forty years, it’s shaping up to be an interesting event.


This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.


This does not constitute advice and advice should be sought in all instances before acting on it. The Financial Conduct Authority does not regulate tax advice. 


What might you expect to be in the upcoming budget?

Backed by the conservative majority, radical tax reform and public spending will be top of mind for PM Boris Johnson and Chancellor Rishi Sunak.

Experts expect changes to tax, pensions, housing, and social care. Plus, as a ‘thank you’ to the region that helped bring the Tories to power, an increase in spending in the midlands and the north of England.

This investment will be an opportunity to reduce economic inequality with the South East.

Aligning to the goals set forth in the Queen’s speech, the budget will likely provide numerous fundraising endeavours to fund the £1bn planned to put to good use in social care.


Tax changes

The biggest impact will be felt from the proposed tax cut via an increase in the National Insurance threshold. Over 30 million workers, earning more than £12,600, stand to gain about £100/year from raising the threshold to £9,500 in the next tax year (and eventually to £12,500).

It’s possible a ‘mansion tax’ is being considered to raise more funds for public spending and would also be used to offset some stamp duty for buyers of more reasonable property sizes. Other potential money-makers, namely pension tax relief that would affect high earners’ pensions, might also be included.

There might be changes to Inheritance tax on the horizon as well. Potential cuts from 40% to 10% as well as the loss of other tax-free allowances.


Housing

Another priority from the Queen’s speech is to increase homeownership, with a suggested 30% discount for key workers and local first-time buyers.

The First Homes scheme, as it’s being called, aims to reduce the expense of new builds, allowing the savings to be passed on to future owners, but firmed up details might be included in the forthcoming budget statement.


Business Investment

In a bid to encourage business investment, the Tories have promised entrepreneur’s relief reform – wherein a company’s owner would pay less capital gains tax when selling their business. It’s been met with criticism, so it’s yet to be seen what iteration of the relief makes it into the budget, if it all.


After the budget announcement is the perfect time to meet with your financial adviser.

Keep an eye out for our Budget Statement 2020 Guide following the announcement on 11 March. If you are subscribed to our mailing list you will be sent this automatically. You can subscribe here >

We will also post a link when it is available on all our social media channels.

You may also need to review your financial plans to ensure they’re optimal with the changes bound to come from the statement, so schedule a financial review with us following the budget.


Time for a financial review?
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