Change to Class 4 NIC rate reversed

2019-09-01T12:03:39+01:00April 16th, 2017|Categories: Self Employment|Tags: , , |

The Government has confirmed that the proposed increase in the rate of Class 4 National Insurance Contributions, paid by the self-employed on profits from a business, will not now take effect from April 2018. The Chancellor of the Exchequer, Philip Hammond, had announced that the rate would rise from 9% to 10% from 6 April 2018, and again to 11% from April 2019. In a letter to MPs informing them of the decision, Mr Hammond said 'however difficult the fiscal challenges we face, the tax lock and spending ring-fence commitments we have made for this Parliament should be honoured [...]