- Two major banks announced big cuts in mortgage rates.
- The International Monetary Fund predicts that inflation will fall to 3.7% in 2024.
- UK film, TV and video game producers are starting to enjoy tax reliefs.
- Crypto asset users tax alerts.
Two Major Banks Announce Substantial Reduction in Mortgage Loan Rates
In the past two weeks, major banks have successively released news of interest rate cuts, lowering rates across various product categories.
HSBC, for instance, has reduced the five-year fixed interest rate to below 4%, while Santander has also lowered rates on various products.
This significant reduction is expected to be one of the most notable measures in 2024, directly impacting mortgage loan applicants.
It is anticipated that more banks will issue rate-cut notifications in the near future, making mortgage loans a hot topic in 2024.
IMF Predicts UK Inflation Rate to Potentially Drop to 3.7% in 2024
According to the latest forecast from the International Monetary Fund, the global inflation rate is expected to reach a new low.
The average inflation rate in the UK for 2024 is projected to drop to 3.7%, with the Eurozone decreasing to 3.3%.
However, these predictions are based on current indicators and offer reassurance to businesses and millions of households.
A decline in inflation rates is expected to lead to a slowdown in the rise of prices for various products.
UK Film, TV, and Video Game Producers Begin to Enjoy Tax Reliefs
The UK Treasury has adjusted its new tax relief policies this month to prevent the loss of the production industry.
Starting last week, children’s TV and film productions with expenditures exceeding £1 million will receive a tax break of £42,500.
High-end TV and video game productions will benefit from a £5,000 tax break.
This measure is expected to contribute to the creation of 3,000 high-tech jobs domestically, easing employment pressure in the UK.
Reminder for Cryptocurrency Users to File Taxes
HMRC has recently issued tax reminders to individuals with cryptocurrency holdings to avoid potential penalties.
If you own any cryptocurrency assets, please promptly check the self-assessment tax return for the 2022-2023 tax year.
Given the approaching deadline of less than a month, if you are unsure whether you need to pay taxes on this, please contact our accounting team for support.