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  • Overview

    On Tax Day last year, Rishi Sunak announced that he intended to create a “more trusted, simple and modern tax system”, and left on the table potential reforms to inheritance tax, capital gains tax and the taxation of trusts.   Today’s Spring Statement sets out his aim to create a “simpler, fairer and more efficient” tax system, and refers to reforms to reliefs and allowances which will be announced by 2024, as well as potential cuts and reforms to business taxes to be announced later this year.  The Treasury has a lot to work on.

    Alongside the promise of future reforms, today’s statement contains some anticipated announcements aimed at helping taxpayers facing a sharp increase in the cost of living.  Although the increase in National Insurance announced by the prime minister last year remains in place, from July there will be an increase in the threshold at which taxpayers start paying National Insurance to £12,570 (aligning it with the income tax personal allowance).  In addition, there is a reduction of duty on petrol and diesel by 5p a litre from tonight, lasting until April 2023.  Today’s big announcement is that from April 2024 (shortly before the next general election), there will be a reduction in the basic rate of income tax to 19%.  

    The chancellor is trying hard to show that his ambition is to reduce taxes, even if almost all he can do at the moment is announce his future plans.  He will be hoping that future economic circumstances allow him to start putting that aim into effect.

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Jargon Buster