Initial reactions to the Spring Statement 2022 from our Tax experts
You can also read our more detailed analysis of the Chancellor’s announcement in our guide.
"As speculated, a 5p per litre drop in fuel duty from 6pm this evening...delay filling up your tank until later!"
Mark Ellis | VAT Partner
"NIC alignment - after years of talking about it, the NIC thresholds will finally be raised to the same level as income tax."
Daniel Kelly | Senior Manager, Human Capital
"The Chancellor made vague noises about further reform to R&D tax relief to follow in the Autumn Budget. Sounds like a good news/bad news scenario - it will likely become tougher to claim, but more relief for those who are eligible."
Chris Riley | Head of Tax
"The 20% income tax rate will reduce to 19% from April 2024, but the increase to national insurance by 1.25% will still take place from April 2022."