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The National Insurance Contributions (Reductions in Rates) Bill has been published to make changes to the main rates of class 1 and class 4 National Insurance contributions and remove the requirement to pay class 2 contributions as announced by chancellor of the exchequer Jeremy Hunt in the autumn statement.
From 6 January 2024 the main rate of primary class 1 National Insurance contributions will be reduced by two percentage points from 12% to 10%. From 6 April 2024 the main rate of class 4 National Insurance contributions will be reduced by one percentage point from 9% to 8% and self-employed people will no longer be required to pay class 2 contributions although they will still be able to pay them voluntarily.
The government will freeze the lower earnings limit (LEL) and the small profits threshold (SPT) at 2023-24...
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