The UK Government has announced today (22 September 2022) in-year reductions to National Insurance rates and the cancellation of the Health and Social Care Levy as a separate tax.
The key changes are:
- National Insurance contribution (NIC) rates will be cut by 1.25 percentage points for employees, employers and the self-employed, effectively reversing the uplift introduced in April 2022 for the rest of the tax year. This cut will take effect from 6 November 2022
- Health and Social Care Levy of 1.25% due to be introduced from April 2023 will also not go ahead
For further information please visit National Insurance increase reversed - GOV.UK (www.gov.uk)