What you need to know

    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:

    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:

    This information is subject to change and is not professional advice. Refer to our disclaimer for more details.  

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