Court of Protection

Budget Summary March 2022

A budget update from Mullis & Peake LLP Solicitors:

23 Mar 2022

Team name

Samantha Hamilton

M&P Commentary

The Chancellor, Rishi Sunak, delivered his Spring Statement today. This was originally intended to be a review in advance of the full Budget in the autumn. However the costs of living crisis has led to the announcement of a number of changes:

Fuel Duty will be cut by 5p a litre from 6pm this evening
The threshold for National Insurance (NI) will be raised from July. The current limit of £9,600 before NI is payable will increase to £12,570
The basic rate of Income Tax will be reduced from 20% to 19% in 2024
VAT on energy saving products, such as heat pumps and solar and panels has been cut from 5% to zero for five years
The Employment Allowance, which assists small businesses with NI contributions, will increase from £4,000 to £5,000 on 6^th April 2022
There will be an increase in the household support fund. When it was set up last year the fund had £500m to help families with the cost of living. This will double to £1bm from April 2022.

Lower growth forecasts are predicted as a result of the impact of the war in Ukraine and inflation is expected to be an average of 7.4% this year.

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