Spring Statement factsheets
24 March 2022
The upcoming changes to tax and National Insurance announced in the spring statement have been a surprise to all but have left some with questions about the details of how the changes will be implemented.
One technicality which people have questions about is regarding the application of the new primary threshold for national insurance to Directors who pay National Insurance on an annual basis. It should be noted that for 2022/23, the annual threshold will not be £12570, as the uplift is only applicable from July 2022. As a result, the annual primary threshold for 2022/23 will be £11,908 (13 weeks at £9,880 and 39 weeks of £12,570).
HM Treasury has prepared a Business Support Factsheet and a Personal Tax Factsheet which summarise the details for businesses and personal tax respectively. CIPP members have the option to address more intricate and nuanced queries to the CIPP’s advisory service.
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