Vote-winning announcements are always expected from a Chancellor’s Budget in an election year. Despite the stagnant economy and limited fiscal headroom, Jeremy Hunt still announced a few tax cuts and other surprises.
Please find to follow a round-up of Spring Budget 2024 analysis from the Lambert Chapman team.
If you have any specific questions or concerns, do get in touch with your usual contact or send us an email – info@lambert-chapman.co.uk.
LUCY ORROW – TAX PARTNER
“Domicile has been a status in tax law with ever-changing rules since 1861. This latest proposal seeks to remove the domicile status in its entirety. From April 2025, the Government will introduce a new residency-based regime that will allow new arrivals to claim 100% tax relief from foreign income in the first 4 years, without any restriction on remitting funds.”
MIKE CARABINE – SENIOR MANAGER
“Listening to the Chancellor reeling off the Tory ‘achievements’ since he and Rishi had taken office as the next PM/Chancellor pairing off the rank, you would imagine that the UK was buoyant and everything in the garden was rosy, rather than currently being in recession.”
LISA GREENWOOD – PARTNER
“With this being the last budget before the next general election, I was expecting the Chancellor to announce changes aimed at winning votes rather than tackling the fiscal issues that we currently have.”
SEAN WIEGAND – PARTNER
“On the face of it – there seemed little to help small businesses. For me, Business Rates reform is urgently needed as this is an indiscriminate tax payable based on your property with no consideration of how profitable you are as a business.”
CRAIG WEAVERS – PARTNER
“The agricultural sector is facing a challenging time. The poor weather is impacting the ability to grow a crop for the 2024 harvest. With subsidies decreasing, interest rates increasing and the prospect of lower yields for the 2024 harvest, the agricultural sector needs support.”
GRAHAM McNEILL – PARTNER
“No change in dividend allowance which is reduced to £500 (2025). This needs to be reviewed in the not-too-distant future if we want our small businesses to grow and succeed.”
MARK PEARSON – PARTNER
“The increase in the child benefit threshold will be welcomed by many families and help with additional costs. As a parent of two myself, any additional income helps cover the ever increasing costs.”
NICK FORSYTH – PARTNER
“This was a budget for jobs – Conservative Parliamentary jobs – and for some they already realise that it didn’t go far enough. But the facts are that the Chancellor has little opportunity to go further without grabbing the attention of the World as the Truss administration did so spectacularly.”