The Chancellor of the Exchequer, Rishi Sunak, delivered his Spring Statement today.
His promise was to “deliver a Spring Statement that builds a stronger, more secure economy for the United Kingdom”.
His main announcements were as follows:
- Fuel duty cut by 5p per litre, biggest cut to fuel duty ever, in place for 12 months until March next year.
- Energy saving equipment such as solar panels will be zero rated for the next 5 years, a typical saving of £1,000 on installation and a saving of £300 per year on bills for a standard home.
- Doubling of household support fund to £1bn available to households that need it from April. This will be distributed by local councils.
- New tax plan, reforming taxes: NHS Levy – NIC increase to remain, a 1.25% increase from April. NIC thresholds to be increased in line with tax thresholds from £9,500 to £12,570, a saving of over £330 per year.
- Rishi Sunak announces the Government will be looking at R&D tax credits reform – expanding the generosity.
- Employment allowance will be increased to £5,000 from £4,000 from April.
- From 2024 the Government will cut the basic rate of tax from 20% to 19%.
We will of course be looking further into announcements and the subsequent Government publications, and commenting further, in more detail, in due course.
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