Spring Statement 2022


Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022.

The announcement included a cut in fuel duty for petrol and diesel as he sought to ease the impact of rising prices for households and businesses.

The Chancellor will lift the starting thresholds for National Insurance contributions (NICs). He also pledged a cut to income tax in 2024. However, the Health and Social Care Levy will still be implemented in April 2022.

For businesses, there is an increase to the Employment Allowance, as well as relief from business rates on a range of green technologies and help with training and the adoption of digital technology.

The main proposals are outlined below and more detail can be found here Spring Statement Summary 2022.

Highlights include

  • A temporary increase in National Insurance rates
  • Income Tax reduction
  • Fuel Duty cut
  • VAT changes on energy saving materials
  • Increased Employment Allowance
  • Green reliefs for business rates

Please contact us before taking any action as a result of the contents of this summary.

This article was written by Gary Randall

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