Spring Statement 2022 Key Points

The Chancellor of The Exchequer, Rishi Sunak, today delivered the 2022 Spring Statement. Here are the key headline announcements: 
 
Tax

• The level at which National Insurance payable for individuals is to be increased to £12,570 from July 2022 which is in line with the Income Tax Personal Allowance. This will save over £330 per annum for people earning over £12,570.
• Employment Allowance increased by £1,000 from April 2022, meaning eligible employers will be able to reduce their Employers National Insurance bill by up to £5,000 each year.
• Basic rate income tax to be cut from 20% to 19% by 2024.
• Confirmation that there will be a review of business tax reliefs in the Autumn Budget to include the apprenticeship levy, R&D tax credits and capital allowances.

 
Other

• Fuel duty reduced by 5p per litre from 23 March 2022 until March 2023.
• VAT on Energy Saving Materials, such as solar panels and heat pumps, reduced from 5% to 0%.
• Household Support Fund, money for local councils to support vulnerable households, doubled to £1 billion.

 
We will continue to monitor the Government press releases as they are issued and bring you further information as soon as we know it.
 
We are here to help, so if you have any queries or wish to discuss any of the above then please contact us.