One of the headline-grabbing comments arising from the government’s Spring Statement was the increase in the lower threshold where National Insurance contributions (NICs) are paid which will take effect from July 2022.
However as is usually the case when such a fundamental change is announced so close to the beginning of the tax year it will take a while to implement the changes to pre-programmed payroll software. Consequently we will end up with an in-year change and all of the complexities and confusion that goes with it.
In announcing the increase in the annual NIC threshold to £12 570 from July 2022 the chancellor said that 70% of people who pay NICs will have their tax cut by more than the amount they will pay through the new health and social care levy (HSCL). The levy starts from 6 April 2022 and will take the form...
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