Spring 2022 – not the Budget

The Chancellor has said previously that he prefers a ‘once-a-year’ approach to tax changes. Volatile circumstances have not helped him stick to this resolution.

The Spring Statement is not when significant changes are supposed to be rolled out. However the measures which go some way towards helping with the rising cost of living during such uncertain times are welcome. Fuel duties have been immediately reduced. NIC thresholds for employees change in July so that a larger amount of income is free of NIC, similar to the personal allowance for income tax. However this is against a backdrop of rising NICs, with the new Health and Social Care Levy, effectively an extra form of NIC, to come.

One thing he did seem confident to pre-announce was a planned income tax cut in 2024. So that will be a crowd pleaser, just in time for the next general election. Some things apparently never change.