Spring Statement: What the Next Six Months Mean for Your Money
Amie Roberts • May 15, 2025
The UK government’s recent Spring Statement has set the stage for financial planning over the next six months.
Although there were no immediate major tax changes announced, Chancellor Rachel Reeves hinted at tougher measures later this year. So, what exactly does this mean for your savings, investments, and overall financial well-being?
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No Immediate Surprises, But Stay Alert!
While the Chancellor didn’t announce any immediate tax hikes, the message was clear: changes are coming, and they might not be pleasant for everyone. With the economy under pressure, the government is looking for ways to balance the books, meaning taxes may rise for higher earners and businesses.
Potential Tax Increases on the Horizon
Capital Gains Tax
Currently, capital gains tax (CGT) rates are relatively favourable, with many investors benefiting from lower tax rates compared to income tax. However, the government is reviewing this and could increase CGT, especially targeting second-home owners and investors holding stocks or shares outside tax-efficient wrappers like ISAs.
Inheritance Tax (IHT)
Inheritance tax has long been a hot topic, and recent indications suggest potential tightening. Presently, you pay 40% on estates valued above £325,000, although couples can combine their allowances. Future changes could see this threshold lowered or allowances restructured, significantly affecting estate planning.
Value Added Tax (VAT)
VAT currently stands at 20% on most goods and services. Though not confirmed, an increase to VAT rates or broadening its application to more products and services is possible as the government seeks additional revenue.
Self-Employment Taxes
Self-employed workers may face tighter rules and increased National Insurance contributions. The Chancellor indicated a review of tax relief and allowances currently benefiting freelancers and small businesses.
How Can You Prepare?
Review Your Investment Strategy
If capital gains taxes rise, investments
outside ISAs and pensions may become less attractive. Now is a good time to review and possibly shift investments into tax-efficient accounts.
Reassess Your Estate Plans
With possible inheritance tax changes ahead, consider strategies like gifting assets, using trusts, or increasing contributions to pensions which are currently outside of your taxable estate.
Self-Employed? Plan Ahead!
If you are self-employed, speak with your financial adviser
about potential changes in tax allowances and prepare your business finances accordingly. Staying proactive can help mitigate unpleasant surprises.
The Bigger Economic Picture
Inflation and interest rates continue to affect personal finances significantly. Higher interest rates benefit savers but create challenges for borrowers, especially those with mortgages or loans.
As the cost of living remains high, careful budgeting and disciplined saving will become even more important in the coming months. Households should aim to reduce debt, build an emergency fund, and maintain flexibility in their financial plans.
Conclusion
While the Spring Statement provided some temporary relief by avoiding immediate tax rises, it's evident that significant financial adjustments could be announced later this year. Being prepared, informed, and flexible with your financial strategies is crucial to managing whatever comes next.
Do you feel uncertain about how upcoming changes might impact your financial situation? Our team of international wealth advisers are here to assist.
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