The days are getting lighter as we move into the time of year for regeneration and uplift. Certainly the government will be hoping that positive news on the downward trend of inflation will lift voters’ spirits in this election year. With the Bank of England expected to nudge interest rates down as well over the next few months, there may well be an ‘air of spring’ for many.

The Chancellor seemed to be hoping his additional national insurance cuts announced in the Spring Budget would boost that feeling. Although most of the measures that appeared were thoroughly teased, there were still a few surprises to affect your new tax year planning.

There was an element of swings and roundabouts: for example, the increased threshold for the introduction of the high-income child benefit charge from £50,000 to £60,000 came with an increase to the size of the band to which it applies from £60,000 to £80,000.

We explore this and other key takeaways from the Budget in the feature for the Spring edition of our newsletter. We also look at the probable lowering of interest rates in 2024 and the potential effects on your savings. If you’ve been holding cash deposits, either directly or in money market funds, the benefit you’ve seen from the accumulated rise in rates will begin to dissipate.

Our other stories include:

The renewed case for ISAs – The combination of the erosion of the value of tax allowances and improved terms mean that ISAs are coming back into fashion for the new tax year.

Succession – have you got a plan? – It’s not just fictional warring families and multinational empires that need to face up to managing future ownership and control. Private company shareholder/directors or partners need to ensure they have planned for transition and the unforeseen.

Tax charge trap for pension withdrawals – With the pension freedom rules giving people more flexible and earlier access to their retirement savings, many are finding themselves penalised with higher tax payments on initial withdrawals.

There may be more clarity on the path to an election by the summer when we’ll share our next edition with you. Please do get in touch if we can continue to help or provide you with more information on any of the topics covered.