The main surprises in the Spring Statement related to the increase in the National Insurance Primary Threshold (employees) and Lower Profits Limit (self-employed) to £12,570 from July this year, and the plan to reduce basic rate income tax to 19% in 2024.
We have summarised the main points on the document below, together with confirmation of tax and other allowances for the new tax year.
Click here to download the full 2022 statement.
Every care has been taken to ensure that this information is correct and in accordance with our understanding of the law and HM Revenue & Customs practice, which may change. This information is based on announcements made in the March 2022 Spring Statement which may change before becoming law.
