Spring Budget delivered on 23rd March 2022 – summary

·         Basic rate of income tax will be reduced from current 20% to 19% by the end of this parliament term in 2024.

·         Fuel duty on petrol and diesel will be reduced by 5p a litre from 6 pm today until March 2023.

·         National Insurance threshold will be increased to align with personal allowance of £12,570 per year.

·         Increasing the Employment Allowance from £4,000 to £5,000.

·         Reforming R&D tax credits to help drive innovation.

·         VAT will be made zero rated on home energy-saving measures such as insulation, solar panels and heat pumps.

·         Household Support Fund for local councils to help the most vulnerable will be doubled to £1bn from April.


·         Retail hospitality and leisure sectors will have a 50% discount in business rates up to £110,000.

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Know about Income Tax

Income could be non-savings i.e. salary, trading profit, rental income etc, or savings i.e. interest income from bank and financial institutions or dividend i.e. dividend

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