Tax

Spring Statement - Tax Changes

Tax changes in the Spring Statement

The Chancellor made his Spring Statement to parliament on 23 March 2022 and despite protestations that this is not a Budget - there were tax changes announced.

National Insurance threshold alligned with personal allowances increasing level at which individuals start to pay NI

Income tax basic rate to be reduced to 19% from 2024

Fuel duty reduced by 5p

5% Reduced VAT rate on energy saving insulation and solar panels.

Consultations will begin as to how to encourage businesses to invest more for growth.