We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA
As widely expected, employees and self-employed will benefit from a 2% NI cut
The government will introduce legislation to reduce the main rate of primary Class 1 national insurance contributions by two percentage points from 10% to 8% from 6 April 2024.
For the self-employed, the government will introduce legislation to reduce the main rate of Class 4 National Insurance contributions by two percentage points from 8% to 6% from 6 April 2024.
This is in addition to the previously announced reduction in the main rate of Class 4 National Insurance contributions from 9% to 8% and means that from 6 April 2024 the main rate will reduce from 9% to 6%.