Spring Statement 2022: 5 things Scots need to know from fuel tax to National Insurance

dailyrecord.co.uk:

Rishi Sunak’s Spring Statement had few surprises, apart from a promise to cut income tax as a campaign slogan in what now looks more than certain to be the 2024 general election.The proposed 1p cut in income tax will not affect tax payers in Scotland where tax rates are devolved and there is already a starter rate of 19p for low earners.Other measures announced by the chancellor in the mini-budget will have a direct effect on day-to-day life, although poverty campaigners and opposition politicians are already asking if it will make much difference as inflation rises and energy prices soar.The statement came just hours after it was revealed that inflation reached 6.2 per cent in February, the highest it has been for 30 years.There are predictions inflation could hit 10 per cent by the autumn, wiping out any money-saving measures the chancellor announced and trapping the UK economy in low growth and rising costs.Here are the five big parts of the Spring Statement:The cut to fuel duty means the cost of filling up the average car will fall by around £2.The chancellor said this will save a typical driver £100 a year.

There are no adjustments in taxes on alcohol or cigarettes, these rates are set in the Autumn budget.Sunak said of his emergency measure: “The biggest cut to all fuel duty rates – ever.

And while some have called for the cut to last until August, I have decided it will be in place until March next year – a full 12 months.“Together with the freeze, it’s a tax cut this year for hard-working families and businesses worth over £5 billion.

And it will take effect from 6pm tonight.”Sunak promised £500 million to English councils to help families in poverty with a Household Support Fund, which means an extra £45 million