Spring Statement 2022

On 23 March 2022, The Chancellor Rishi Sunak delivered the Spring Statement. It was his first since 2020, following not one but two Budgets in 2021. The chancellor declared he would cut fuel duty, raise the threshold at which people begin to start paying National Insurance, and announced a cut to the basic rate of income tax before the next general election.

This Summary covers the key tax changes announced in the Chancellor’s speech on 23 March 2022. It includes tables of the main rates and allowances as well as a calendar of the tax year with important deadline dates.

Contents include:

  • Personal Income Tax
  • Employees
  • National Insurance Contributions
  • Savings and Pensions
  • Capital Gains Tax
  • Inheritance Tax
  • Business Tax
  • Corporation Tax
  • Value Added Tax
  • Property
  • Other measures from the Spring Statement as well as those previously announced

We recommend that you review your financial plans regularly as some aspects of the Statement will not be implemented until later dates.

We will be happy to help you adapt and reassess your plans in light of any legislative changes. Please contact Stuart Noakes, Head of Tax Services, on 01903 234904.