We have produced a summary of the main announcements made by Rishi Sunak in his Spring Statement yesterday. You can read the Spring Statement summary here.
There was far more on tax than many expected, including the temporary cut in fuel duty, the removal of VAT from the installation of energy-saving materials in houses and his declared “Tax Plan”.
The Tax Plan included a significant rise in the National Insurance Contribution thresholds, to apply in July 2022, an increase in the Employment Allowance (which is a relief from Employer’s NIC for small businesses) and a promise to cut the basic rate of income tax from 20% to 19% in April 2024.
As we had already had a raft of changes announced in the two Budgets in 2021 and other separate announcements have been made, we have produced this summary document as a reminder of the significant measures that may affect your finances.