Employment Taxes - Tax Budget 2024.
As announced in Autumn Statement 2023 and in effect since 6 January 2024, the main rate of Class 1 National Insurance Contributions (NICs) has already reduced from 12% to 10%.
In the Budget, the Chancellor cut this by a further 2 percentage points to 8%, taking effect from
6 April 2024.
For 2024/25, this combined 4% reduction will apply to your annual earnings between £12,570 and £50,270. The NIC rate on your earnings above £50,270 a year remains at 2%.
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