The 2025 Spring Budget

The big news is:

National insurance

The main rate is going up to 15% and the NI free band is being cut to £5,000 both from 6 April 2025. It's not so long since the main rate was cut by 2% (from 6 April 2024).

Inheritance tax

will be charged at the full rate, on funds remaining in pension plans, for the first time. It's becoming tougher to make long term plans when taxes are subject to short term decisions.

That's it?

Well, no. It's clear enough the government is struggling to balance the books but they have boxed themselves in with election promises.

In brief...