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Spring Statement 2022

On 23 March 2022, the Chancellor delivered his Spring Statement. Read ICAEW's analysis and reaction.
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ICAEW analysis

Read ICAEW's analysis and reaction on the 23 March 2022 Spring Statement.
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ICAEW Reaction

Spring Statement: what the new measures will mean

The Chancellor acknowledges the pain of inflation and energy costs with new measures, but stops short of delaying the Health and Social Care Levy.
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Tax

Spring Statement: An overview of tax measures from ICAEW’s Tax Faculty

Chancellor Rishi Sunak delivered his Spring Statement 2022 against a backdrop of war in Ukraine. Aside from the terrible human cost, the war is now also exacerbating a cost of living crisis. Frank Haskew, ICAEW’s Head of Taxation Strategy, summarises the Spring Statement announcements and their potential impact
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Public sector

A Spring Statement dominated by inflation

Tax plans brought forward as Chancellor Rishi Sunak seeks to limit spending commitments and build fiscal headroom ahead of the Autumn Budget.
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Tax

NIC for the self-employed: a clarification and reminder following the Spring Statement
  • Article
  • 04 Apr 2022
Voluntary class 2 national insurance contributions are unaffected by the Spring Statement changes, but don’t forget that class 4 losses might need recording separately.
Spring Statement: Chancellor announces review of capital allowances regime
  • Article
  • 23 Mar 2022
In his Spring Statement, the Chancellor Rishi Sunak announced a review of the capital allowances system in advance of the Autumn Budget. Several potential options for reform are being considered and will be discussed with businesses and other interested parties.
Spring Statement: NIC measures welcome but not as simple as the Chancellor’s speech made it sound
  • Article
  • 23 Mar 2022
National insurance contributions thresholds will rise for employees and the self-employed, together with the employment allowance for small employers. Class 2 NIC will include a zero-rate band.
Spring Statement: VAT rate reduction for the installation of energy saving materials
  • Article
  • 23 Mar 2022
Chancellor Rishi Sunak announced five-year temporary zero rate for installation of energy saving materials in England, Wales and Scotland.
Spring Statement: Chancellor confirms changes will be made to R&D tax regime
  • Article
  • 23 Mar 2022
The Spring Statement has brought little surprise in respect of R&D tax relief, confirming speculation that changes will be made.
Chancellor hints at redesign of R&D tax regime
  • Article
  • 15 Mar 2022
As the existing research and development tax relief regime faces criticism that it is not working as well as it should in increasing investment, speculation rises that an overhaul is imminent.

Tax Faculty's Spring Statement webinar

View a recording of the Tax Faculty’s webinar discussion following Chancellor Rishi Sunak’s Spring Statement on 23 March.

 

 
Watch the recording
Tax

Public sector

Chart of the week: Spring Statement 2022
  • Article
  • 24 Mar 2022
This week we look at the Spring Statement, where the story is all about inflation as the Chancellor responded to the pressures that have contributed to the cost of living crisis.
Public finances raise hopes for Spring Statement giveaway
  • Article
  • 22 Mar 2022
February’s £13.1bn deficit was offset by revisions to prior month estimates, boosting public finances and putting further pressure on the Chancellor to provide more help to households and businesses facing rapidly rising prices.
Chart of the week: pre-Spring Statement debt forecast
  • Article
  • 17 Mar 2022
This week’s chart reviews the sharp increase in the national debt to GDP ratio as we reflect on the challenges facing Chancellor Rishi Sunak.
Boost to tax revenues is a dilemma for the Chancellor
  • Article
  • 22 Feb 2022
January’s public sector finance surplus of £2.9bn puts further pressure on Chancellor Rishi Sunak to increase support to households facing huge rises in energy prices

The future of tax and public spending

Many of the foundations underpinning our current system of tax and public spending have shifted in the past decade. While some of this has been caused or accelerated by the COVID pandemic, there are also many longer-term shifts.

This content series examines these trends and what they might mean for future tax and public spending policy.

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Insights and news

Draft Finance Bill 2022-23: business tax changes
  • Article
  • 22 Jul 2022
In addition to measures relating specifically to companies, legislation day provided clarification for farmers on the taxation of exit payments and a consultation on digitalising business rates.
Draft Finance Bill 2022-23: corporation tax changes
  • Article
  • 22 Jul 2022
Changes confirmed and announced on 20 July include those to the R&D tax relief rules.
Draft Finance Bill 2022-23: indirect tax measures
  • Article
  • 21 Jul 2022
The draft legislation, released on 20 July, includes numerous pre-announced measures, except for the government’s response on alcohol duty.
Draft Finance Bill 2022-23: personal tax measures
  • Article
  • 21 Jul 2022
Government announcements on legislation day include possible changes to the capital gains tax rules on separation and a significant consultation on improving the data HMRC collects from taxpayers. ICAEW’s Tax Faculty summarises the planned measures likely to affect individuals.
Draft Finance Bill 2022-23: enactment of OECD rules into UK law
  • Article
  • 22 Jul 2022
The draft legislation, announced on 20 July, includes the introduction of a top-up tax applicable to multinational business alongside changes to the UK transfer pricing documentation requirements.
Sunak should ‘accelerate’ transition to net zero, says Izza
  • Article
  • 16 Mar 2022
Ahead of the Spring Statement, ICAEW calls for the government to speed up the transition to net zero and build greater resilience at regional levels across the UK economy.
Finance Bill 2021-22 receives Royal Assent
  • Article
  • 02 Mar 2022
Finance Act 2022 received Royal Assent on 24 February 2022, bringing into law various tax measures with effect from that date, including a package of measures designed to tackle promoters of tax avoidance schemes.
Autumn Budget 2021 On 27 October 2021, alongside the publication of the government's comprehensive spending review, the Chancellor will announce the details of his second budget of 2021. Read ICAEW's analysis and reaction.

Business Confidence Monitor: National

UK Business Confidence Monitor: National
The latest Business Confidence Monitor (BCM) for Q1 2024 shows a significant improvement in sentiment compared to weak yet positive confidence in the previous quarter and the average for 2023. The index rose above its pre-pandemic average for the first time since Q1 2022, as economic prospects brightened.
Business confidence declines to pre-pandemic levels
Business confidence in the UK decreased for a second quarter running, receding to average levels not seen since 2014, in a clear sign that firms are preparing to live with coronavirus, ICAEW survey finds.
Diversify markets and innovate systems to thrive in 2022
ICAEW’s latest Business Confidence Monitor lays the path for a complex year ahead for some manufacturers, with staff shortages, tax burdens and government support difficulties all highlighted as bumps in the road.

Ukraine crisis: central resource hub

Resources, news and features on the impact of the Ukraine crisis on accountancy, business and the wider economy.
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Ukrainian flag against blue sky