ISIO’s Mark Campbell comments ahead of tomorrow’s Spring Statement

While expectations are that the Chancellor’s Spring Statement tomorrow is unlikely to bring significant changes for advisers, Mark Campbell, Head of Wealth Proposition at Isio, has shared his thoughts with us today on why he believes it’s time to focus on what’s already been announced saying:

“The Chancellor has been clear that this Spring Statement is not intended to be a major fiscal event, as she has committed to a single annual Budget in the autumn. It is expected to be more of an update on the state of the public finances than a platform for significant new tax announcements.

That said, the absence of new measures should be viewed in the context of what has already been announced. The Budget last November introduced several material changes, including increases to dividend tax, higher car tax rates, the removal of working-from-home expense relief for employees, and reforms to Agricultural and Business Property Reliefs.

While the debate around Agricultural Property Relief has understandably focused on the farming community, changes to Business Property Relief also have important implications for business owners and entrepreneurs. For those considering succession or long-term exit planning, these reforms may require a reassessment of existing structures.

Looking ahead, further changes are already scheduled. Increases to property and savings income tax rates, proposed changes to Cash ISA limits are due to take effect in April 2027. In addition, pensions will form part of an individual’s estate for inheritance tax purposes. Given that pensions are often one of the largest assets an individual holds, this development could influence both retirement decisions and wider intergenerational planning.

The Budget last November delivered reforms with consequences that extend over the next two tax years. In that context, the Chancellor does not need to announce further immediate changes this spring. For many individuals and business owners, the focus will instead be on understanding and adapting to measures that are already in train.”