National Insurance Contributions Rates Cut

The government announced yesterday that it will cut National Insurance Contributions rates by 1.25 percentage points for employees, employers and the self-employed.

This cut will take effect from 6th November 2022 and will cover Class 1, Class 1A, Class 1B and Class 4 National Insurance, effectively reversing the uplift introduced in April 2022.

In addition, the Health and Social Care Levy of 1.25% due to be introduced from April 2023 will no longer go ahead.