The Chancellor of the Exchequer delivered her Spring Statement 2025 to Parliament on 26 March 2025.
There were very few tax-related announcements in line with the promise made in the October 2024 Budget that there would only be one ‘fiscal event’ each year.
While the speech included no tax changes, and confirmed there would be no further tax increases, the Chancellor did take aim at tax evasion. She revealed that the government will continue to invest in ‘cutting-edge technology’ and HMRC capacity to ‘crack down on tax avoidance’.
These measures include:
From April 2025, late payment penalties for VAT and income tax will increase to incentivise taxpayers to pay on time – the new rates will be 3% of the tax outstanding where tax is overdue by 15 days, plus 3% where tax is overdue by 30 days, plus 10% per annum where tax is overdue by 31 days or more; and
An additional 600 staff to be recruited into HMRC’s debt management teams; and
£100m in new funding for HMRC to recruit a further 500 compliance officers from April 2025.
The Chancellor chose not mention the very significant tax changes that have already been announced in the past, including some that have been the source of controversy and protest such as the increases to Employers’ National Insurance Contributions coming in April 2025 and the cuts to Inheritance Tax Agricultural and Business Property Reliefs in April 2026.
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