Latest News

Spring 2022 Statement

Chris Stedman
Senior Partner
March 24, 2022

Yesterday the Chancellor of the Exchequer announced his Spring 2022 Statement.

A few weeks ago all the indications from the Treasury suggested that the Chancellor of the Exchequer would have little or nothing to say about tax on 23rd March. However the Chancellor himself turned this around, making it clear that he wants to be remembered as a tax-cutting Chancellor.

But the impact on the economy of the Ukraine conflict has severely limited Mr Sunak’s headroom and therefore his ambitions. Nevertheless there were some notable announcements. A rise in the primary NIC threshold of nearly £3000 to be introduced in July 2022 was more than predicted. The temporary cut in fuel duty was hardly a surprise but the increase in NIC employment allowance from £4,000 to £5,000 was certainly very welcome. Perhaps the VAT reduction on energy-saving materials was a rabbit out of the hat - but then every Chancellor likes to release one of these at some point in a Financial Statement.

Eyes glistened and ears pricked up when it came to the “tax plan”. Now you’re talking! Capital gains tax reform? A stamp duty overhaul? Major changes to the structure of corporation tax and possibly inheritance tax? No - it was a very thin document both physically and in substance. All these other taxes will remain as they stand for a little longer. The plan is all about “capital, people, ideas” but there is just not the headroom or the resource for major changes. So we had to be happy with a 1% reduction in the basic rate, hopefully to be introduced in 2024/25, in time for the next general election.

On we go…..!

Please enter your e-mail address below and press 'Get it now!' if you'd like to receive a full printable PDF summary of the Spring Statement with all the updated tax tables.

Subscribe to Steddi Updates

Get industry insights that you won't delete, straight to your inbox.
We use contact information you provide to us to contact you about our relevant content, products, and services. You may unsubscribe from these communications at any time. For information, check out our Privacy Policy.

More news


A Marital Problem

Richard and Jennifer are in their early 70s. They own and live in their family home which is worth £1.5 million. The sale of the property would realise a significant gain. This would not be a problem because principal private residence (PPR) relief will exempt any gain no matter what happens. Or will it...?

Read Article

Interest on Late-Paid Income Tax

If there is one thing worse than paying any form of tax it is having to pay interest and late payment penalties as well.

Read Article

Estate Planning - From Another Angle

Many people think of Estate Planning as an exercise to so arrange their affairs that the Government can take as little as possible from an estate, leaving as much as possible to their family and chosen beneficiaries. Important as this is, there are other aspects of the matter to be considered and provided for.

Read Article