Spring Statement 2022

Below is a summary of items announced that may be relevant to FSL clients. For more detail, please refer to the GOV.UK website.

Personal Tax: National Insurance threshold increase: From July the threshold for paying National Insurance will be aligned with income tax at £12,570.  This is estimated to equate to a £6bn personal tax cut for 30m people in the UK.

Personal Tax: Income Tax rate cut: The Chancellor announced that in 2024, the basic rate of income tax will be reduced by 1p in the pound (from 20p to 19p).  This is the first time income tax basic rates have been cut in 16 years.

The FSL Business Analysis team is actively analysing any potential changes today’s announcements will have on our products moving forward.