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UK Social Security Tax Increase Deferred

by Jason Gorringe, Tax-News.com, London

14 March 2017


UK Prime Minister Theresa May has agreed to delay legislating for an increase in National Insurance contributions for self-employed persons until fall, following opposition to the proposals from senior members of her party.

She defended the measures at a European Summit in Brussels, stating that they do not conflict with a Tory pledge not to increase National Insurance. However she said she had agreed to delay the measure until the UK's next half-year Budget.

Chancellor Philip Hammond announced in the recent Budget that the Government will legislate to increase the main rate of the Class 4 national insurance contributions (NICs) paid by the self-employed from 9 percent to 10 percent with effect from April 6, 2018, and from 10 percent to 11 percent with effect from April 6, 2019.

TAGS: Insurance | tax | insurance | United Kingdom | legislation | Europe

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