The key aspects of the Spring Statement affecting private clients and the introduction of the overseas entities register are among this month’s developments reported by Edward Reed and Clare Wilson (Macfarlanes).
Spring Statement 2022: key points for private clients
On 23 March the chancellor delivered his first Spring Statement since the pandemic against the backdrop of a cost of living crisis and a turbulent international situation. Under pressure to prove he is a ‘tax-cutting Conservative’ Mr Sunak announced:
an increase to the threshold at which national insurance becomes payable to take effect from July 2022; and
a reduction in the basic rate of income tax from 20% to 19% taking effect from April 2024.
However these tax ‘cuts’ should be taken with a pinch of salt given that implementation of the 1.25% health and social care levy is still going ahead in April...
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The key aspects of the Spring Statement affecting private clients and the introduction of the overseas entities register are among this month’s developments reported by Edward Reed and Clare Wilson (Macfarlanes).
Spring Statement 2022: key points for private clients
On 23 March the chancellor delivered his first Spring Statement since the pandemic against the backdrop of a cost of living crisis and a turbulent international situation. Under pressure to prove he is a ‘tax-cutting Conservative’ Mr Sunak announced:
an increase to the threshold at which national insurance becomes payable to take effect from July 2022; and
a reduction in the basic rate of income tax from 20% to 19% taking effect from April 2024.
However these tax ‘cuts’ should be taken with a pinch of salt given that implementation of the 1.25% health and social care levy is still going ahead in April...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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