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On Wednesday, 6 March, Jeremy Hunt, the Chancellor of the Exchequer, addressed the Com-mons to deliver the Spring Budget 2024.

The Chancellor made a significant announcement, revealing a further 2p cut in Class 1 National Insurance Contributions (NICs). He said this move is part of his strategy to support families through ‘permanent cuts in taxation’, demonstrating a commitment to long-term growth.

While this reduction in NICs may not be as impactful as a speculated cut to the Income Tax rate, it is expected to provide some relief for the workforce, particularly those feeling the financial strain. However, it’s worth noting that the continued freeze on tax thresholds could gradually diminish the benefits of this NICs reduction over the next four years.

The Chancellor plans to finance this reduction through increased duty on tobacco and vapes and changes to the tax system for non-UK domiciles. The latter will result in higher taxes paid to the UK on foreign income and profits while encouraging inward investment by eliminating the ‘remittance ba-sis’ taxation for these individuals.

Mr Hunt also announced easing the Child Benefit income threshold, changing different taxes and revamping the Individual Savings Account (ISA) system, introducing a new British ISA. This allows an extra £5,000 tax-efficient investment into UK equities beyond the current limits, which remain un-changed. Along with a new British Savings Bond, this measure aims to incentivise people to invest in UK-centric assets, with the goal of stimulating the economy in a targeted way.

Welcome to the first issue for 2024. The tax landscape has witnessed considerable changes, making the situation more challenging for taxpayers and investors alike. As we near the end of the 2023/24 tax year on 5 April, every taxpayer should understand the importance of this date and consider their tax position. Don’t leave it to chance and miss the deadline. On page 06, we’ve provided some planning tips to consider and discuss with us.

Did you know as many as 1 in 20 people could have a pension they didn’t think they had? Could that be you? It’s estimated £26.6 billion is currently trapped in forgotten pensions, averaging about £9,500 each. With most individuals juggling multiple jobs throughout their lifetime, it’s no wonder that some of these pensions fall through the cracks. Read the full article on page 34.

ESG (Environmental, Social and Governance) investing, a socially responsible investing approach, seeks to harmonise financial returns with a company’s environmental impact, stakeholder relationships and global footprint. Our planet faces numerous challenges, from climate change to a rapidly growing and ageing population. On page 10, we consider understanding and incorporating ESG opportunities into your investment strategy.

Transferring wealth within a family is a delicate process that requires clear communication and effective planning. Otherwise, it could lead to a potentially large tax bill and bad feelings in the family. This narrative was depicted in the hit American HBO series ‘Succession’. By engaging in succession planning, you can ensure your assets are distributed according to your wishes, simplifying the process and maximising tax efficiency. Read the article on page 12.

A complete list of the articles featured in this issue appears on pages 02 and 03.

Safeguarding, expanding and cultivating your wealth

We aim to help you secure your future and achieve your financial objectives with a carefully crafted plan to fit your needs. By developing this plan, we’ll focus on what really matters and how to manage your financial situation to achieve your goals. We’re here to safeguard, expand and cultivate your wealth using our expert guidance. Don’t hesitate to contact us if you require further information or want to arrange a meeting.

Welcome to the Winter 2024 quarterly issue of The Mortgage & Property Magazine.

As we entered the new year, some mortgage lenders initiated rate cuts, making new deals more affordable for homeowners. It’s important, however, for homeowners to scrutinise the details of these offers. When lenders announce rate reductions, they don’t uniformly apply these cuts across all products.

Due to substantial shifts in the financial landscape over the past couple of years, mortgage rates are projected to stay elevated compared to what many have grown used to. Approximately 1.6 million homeowners will witness their current fixed-rate deals expire this year, with a potential for a notable increase in their monthly payments.
Nevertheless, the competition amongst lenders could help mitigate these costs, ensuring the impacts are not as severe as initially feared. This competitive landscape may provide some relief to homeowners navigating the evolving mortgage market.

Considering a change of scenery this year? We’ve often heard the saying that ‘Home is where the heart is’, but what happens when your heart’s destination isn’t quite clear? You may be pondering a nationwide move due to an enticing job opportunity, or the charm of countryside living is beckoning you away from the city’s hustle and bustle. Regardless of your reasons, it’s undeniable that moving can be a daunting endeavour. If you’re considering such a move, we have provided some crucial points to remember on page 90.
A complete list of the articles appears on pages 03 to 05.

As mortgage experts, we support you every step of the way, no matter what you need. We’ll give you all the information you need and be a helping hand to get you through the process of buying a property. We hope our magazine gives you the insights you need to make informed decisions. To learn more about how we can help you with expert professional mortgage advice, please contact us to discuss your requirements – we look forward to hearing from you.

We hope you enjoy reading this issue.

Mortgage & Property Guides

Protection Insurance

Retirement Planning & Pensions

Investment Planning

Individual Savings Accounts (ISA's)

Ethical Investing

Financial Planning

Estate Planning

Business Owners

Budgets, Tax Planning & Current Affairs

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