Nick Henshaw, Head of Intermediary Distribution at Wesleyan, has commented on some of the key rumoured announcements ahead of the 2024 budget.
Nick Henshaw, Head of Intermediary Distribution at Wesleyan, said: “For us, this Budget will be judged on how well it supports confidence – confidence from savers and investors that they have the support and backing to build better habits, and confidence from advisers and the industry that plans can be made for the long-term.
As we’ve seen with the abolition of the LTA, reforms that are potentially divisive can seed significant uncertainty. Change can be good, and is necessary in many areas – but only in so far as it’s something that’s broadly backed by all, and isn’t at risk of being overturned again soon.
We welcome any new measures that make savings and investing policy simpler, and that give people more headroom to invest in their futures.
This could include increasing the £20,000 ISA allowance. This is something that would be relatively simple to enact, and that would build well on the ISA reforms already planned for April – reforms our research show are set to encourage a third of UK adults to invest more money into ISAs.
We’d also like to see some clarity, either way, on potential changes to Inheritance Tax.
This is something that’s been brought up many times over the last year as something that’s on the policy horizon, but has so far yet to materialise. At this stage, the ‘will they, won’t they’ is actively causing some people to delay estate planning, which could have serious consequences.”
