Correspondence from readers on topical subjects.
NIC – the future is simplicity
It has been almost a year since the then Chancellor of the Exchequer George Osborne announced a change in National Insurance contributions.
The new ruling meant that contributions were calculated to consolidate the state pension into a so-called ‘single tier’. This was a simpler state pension that should have made planning for retirement easier. The Treasury said the change to the rules would bring in an extra £5.5bn a year. Yet what this has really meant is that affected employees – those who were members of contracted out schemes – took a hit of 1.4% on their earnings while employers had to pay an extra 3.4% in contributions.
As ever the new regulations do not take into account the different circumstances of individual employees. Those with ‘portfolio careers’ seem to have been overlooked. These are people who...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.