On Wednesday 26 March 2025, the Chancellor of the Exchequer, Rachel Reeves, held the Spring Statement.

No major tax announcements were made, instead she re-confirmed a number of spending measures already announced, including cuts to the welfare state and civil service, as well as increases in defence spending.

The attached Spring Statement 2025 guide summarises the current position regarding:

Personal Tax

• Tax bands and rates
• Pension tax limits

Capital Taxes

• Capital Gains Tax (CGT)
• Inheritance Tax (IHT)

Employment

• National Insurance Contributions (NICs)
• National Living Wage (NLW) and National Minimum Wage (NMW)
  

Business

• Making Tax Digital for Income Tax
• Corporation Tax rates
• Capital allowances
• Furnished holiday lettings

For more details, please click on the image below.