The National Insurance threshold has been lifted by £3,000 to equalise it with income tax, the chancellor announced in the spring statement today (March 23).
Earlier this month, the Centre for Policy Studies called on the government to raise the threshold to mitigate the impact from the planned tax hike on the poorest households.
It said the proposed concession would sacrifice about a third of the Treasury’s expected receipts from the NI rise, with the remaining burden falling on business and higher earners.
Read more in FT Adviser here.
Date Added: Friday 6th May 2022