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25 Jun 13:02

About our National Insurance news

Latest news on National Insurance contributions, rates, thresholds, and changes. Stay informed about how National Insurance policy impacts your income, benefits, and the UK economy.

The Spring Budget 2024 marks significant changes to National Insurance rates and thresholds. Here's what you need to know:

Double Tax Cut for Employees: Following an initial reduction at the Autumn Statement, the main rate of Employee National Insurance sees a further cut of 2 percentage points. Effective from April 2024, the new rate is 8%, down from 10%. This combined reduction delivers substantial tax savings for those on average salaries, with estimates suggesting a boost of over £900 compared to last year.

Self-Employed See Savings Too: The self-employed are not left out, as the main rate of Class 4 NICs drops from 8% to just 6%. This change, along with the scrapping of Class 2 NICs, could mean savings of over £650 for the average self-employed worker.

Boost For Working Families: The High Income Child Benefit Charge (HICBC) system is set for a major overhaul. By April 2026, it will be assessed on a household basis, creating a fairer system. Additionally, to give working families an immediate boost, the threshold at which Child Benefit starts to be repaid will increase from £50,000 to £60,000, with full repayment now starting at £80,000. This change provides a substantial benefit, worth an average of £1,260 per family. 

For the latest on National Insurance, how the Spring Budget 2024 impacts your finances, and expert analysis, stay tuned to our NewsNow feed.

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