Spring Statement 2022: tax analysis

The Chancellor of the Exchequer Rishi Sunak delivered his Spring Statement on Wednesday 23 March 2022.

Alongside the Spring Statement HM Treasury and HMRC published a collection of policy papers including one on the new three-part Spring Statement tax plan. The stated aim of the tax plan is to ‘strengthen’ the UK economy by cutting taxes to help families with the rising cost of living (the first part of the plan) boost growth and productivity by incentivising business investment in capital people and ideas (the second part of the plan) and letting people retain more of what they earn (the third and final part of the plan).

Headline-grabbing announcements included:

• a 12-month cut to fuel duty by 5p a litre (from 6pm on 23 March 2022);

• an increase in the threshold after which NICs apply...

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