The Chancellor, Rishi Sunak announced the UK Spring Statement 2022 yesterday, 23 March 2022.
Please find attached our summary of the measures that were announced in the Spring Statement. The Chancellor has not removed the upcoming increase to National insurance of 1.25% for employees, employers and the self employed which is ear-marked to fund health and social care commencing on 6 April 2022. A similar 1.25% rate increase will also be introduced for dividend income from 6 April 2022. Property income owners will however be relieved they have not been included in these increases.
With effect from yesterday for 12 months , fuel duty for petrol and diesel was cut by 5p per litre.
If you have any questions on the other announcements, our team are happy to help.