UK Spring Statement 2022 Presented Including Basic Income Tax Rate Reduction and Other Support Measures

On 23 March 2022, UK Chancellor of the Exchequer, Rishi Sunak, presented the Spring Statement 2022 speech to Parliament. As part of the Spring Statement, several tax measures have been announced as follows:

• The annual National Insurance Primary Threshold and Lower Profits Limit, for employees and the self-employed respectively, will be increased from GBP 9,880 to GBP 12,570 from July 2022, which is aligned with the income tax personal allowance;
• The Employment Allowance will be increased to…