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Tax Planning: Budget 2024

Tax Planning: 2023/24

Edited by:
Mark McLaughlin
Publisher:
Bloomsbury Professional
Edition:
2023/24 edition
Publication Date:
March 2024
Law Stated At:
22 February 2024
Tax Planning: Budget 2024 National insurance contributions: Reduction in primary Class 1 and Class 4 NICs main rates The government announced at Spring Budget 2024 that legislation will be introduced to reduce the main rate of primary Class 1 National Insurance contributions (NICs) by 2% from 10% to 8%, from-ch3 6 April 2024. For the self-employed, the government will introduce legislation to reduce the main rate of Class 4 NICs by 2% from 8% to 6%, from 6 April 2024. This reduction follows the previously announced change in the main rate of Class 4 NICs from 9% to 8% and means that from 6 April 2024 the main rate reduces from 9% to 6%. In addition, the government will consult on how it will deliver Class 2 NICs abolition. This follows an announcement at Autumn Statement 2023 about the removal of the requirement to pay Class 2 NICs from 6 ...

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