Spring Statement 2025: Summary

Spring Statement 2025: Summary

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Today’s Spring Statement was somewhat of a non-event for tax.

This may represent a disappointment for those taxpayers and professional advisers, who were hoping for a relaxation of national insurance increases and/or inheritance tax changes. However, with £40 billion in additional tax revenue on the line – and Government finances increasingly strained – further change seems increasingly unlikely.

Taxpayers are therefore recommended to maintain an awareness of the changes announced in the Budget late last year – and covered in our previous Budget Summary found HERE – including:

  • Employer’s National Insurance: an increase in rates – from 13.8% to 15% – and the slashing of the threshold from £9,100 to £5,000
  • Inheritance Tax: Business / Agricultural Property Relief is to be halved to 50% (i.e. 20% IHT) on qualifying assets exceeding £1m and AIM shares. IHT will also soon apply to undrawn pensions and
  • Capital Gains Tax: rates were increased to 18% / 24%, and Business Asset Disposal Relief rates increased from 10% to 14% from 6 April 2025 onward, and again to 18% the following tax year. 

Further tax measures announced by the Chancellor were focused on increasing Government revenues through further investment in HMRC, in a bid to help close the Tax Gap. 

Download our summary by clicking below to find out more about the relevant changes.

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