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Today’s Top Headlines

UK Social Security Tax Increase Deferred

by Jason Gorringe,, 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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