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THE SPRING BUDGET BRIEFING

UK Chancellor Jeremy Hunt, is set to deliver the Spring 2024 budget today – revealing to Millions across the UK, how their finances will be affected.

 

 Mr Hunt has already said that this budget will help families with permanent tax cuts.

 

 The Chancellor has cut National insurance by 2p for more than 20 million people in the UK and is expected to freeze fuel duties for the 14th year in a row.

 

 Tax breaks for second-home owners in the UK who rent out their properties as holiday homes, will help fund the cuts.

 

 A ‘windfall tax’ which was introduced to oil and gas companies after well media-documented firms’ profits, is also expected to be extended this year.

 

 Mr Hunt is also expected to execute Prime Minister Sunak’s ambitions to tackle and ban disposable vapes. A new tax on vaping will be introduced. Another move which will contribute towards balancing the government’s books.

 

Finally, pensions, Last weekend the Government already announced some pension changes in the run-up to the Budget.

 

By 2027, pension funds across the market will have to disclose their levels of investment in British businesses, as well as their costs and net investment returns.

Schemes performing poorly for savers won’t be allowed to take on new business from employers, with The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) having a full range of intervention powers (Source: Microsoft Money)

 

Other reforms to pensions may follow in the Budget and these include the “Pots for Life” pension scheme which was introduced in the Autumn Statement. It was consulted on until January.

 

It means savers can choose their private pension and carry it throughout their working career, as opposed to having multiple pots for each job they work in.

 

Mr Hunt’s budget delivery speech will take place at 12:30pm (GMT) and is expected to last around an hour.

 

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(Highlights gathered from news sources around the web, including Microsoft Money, Metro and The Independent).