The Chancellor of the Exchequer has delivered his Spring Statement to Parliament.
The Government has published a Spring Statement Tax Plan, which brings together proposals to reduce and reform taxes over the Parliament.
HMRC have published Tax Information and Impact Notes (TIINS), covering the following:
•Employment Allowance increases to £5,000 from April 2022;
•Changes to the VAT treatment of the installation of Energy Saving Materials in in Great Britain;
HMRC have also published a policy paper covering draft legislation for inclusion in the National Insurance Contributions (Increase of Thresholds) Bill.
Other supporting publications include:
•Spring Statement 2022: Factsheet on Personal Tax – providing details of announcements affecting personal taxes, including changes to National Insurance Contributions, and a one pence cut in the basic rate of income tax in 2024.
•Spring Statement 2022: Business support factsheet – providing a list of the Spring Statement measures that will benefit UK businesses, including:
–cutting fuel duty on petrol and diesel by 5p per litre for 12 months;
–increasing the Employment Allowance from £4,000 to £5,000;
–bringing forward an exemption on business rates for green technology;
–reforming R&D tax credits to help drive innovation; and
–planning to encourage greater business investment once the super-deduction ends in 2023.
•Government support for the cost of living: factsheet providing information on measures to support households with the cost of living. Measures include:
–cutting fuel duty;
–raising National insurance thresholds;
–reducing NICs for lower-earning self-employed people;
–Universal Credit (UC) taper rate;
–help with energy bills;
–the Household Support Fund; and
–freezing alcohol duty.
•Government support for energy bills and the cost of living factsheets – covering measures to support households with rising energy bills and the cost of living;
•Spring Statement 2022: Fuel Duty Factsheet – announcing the cut in fuel duty for petrol and diesel by 5 pence per litre across the whole of the UK, from 6pm on 23 March 2022 for 12 months.
•Debt management report 2022 to 2023 – providing information on the Government’s financing plans for 2022/23.
•Spring Statement 2022: documents – details of all Statement documents, including policy costings, distributional analysis and data sources.
See also the HM Treasury news stories:
•Chancellor announces tax cuts to support families with cost of living;
•Scottish Secretary responds to Chancellor’s Spring Statement;
•Chancellor announces tax cuts to ease cost of living pressures in Scotland;
•Chancellor announces tax cuts to ease cost of living pressures in Northern Ireland; and
•Chancellor announces tax cuts to ease cost of living pressures in Wales.
This information is subject to change and is not professional advice. Refer to our disclaimer for more details.