NICs Bill - as well as the Finance Act following the Emergency Budget
The Queen’s speech set the stage for a National Insurance Contributions Bill to be introduced in this current Parliament. The Bill is expected to confirm the measures outlined in the coalition agreement for increases to the rates of National Insurance Contributions (NICs) from April 2011. From various sources it appears that the Bill will increase rates of NICs from April 2011 and possibly make further changes that promote enterprise and fairness. It may also save anti-avoidance measures.
The NIC increase (1% on employees) is expected to raise £9 billion, which would finance an increase in the income tax personal allowance and an increase in the NICs threshold.
Date: 9th June, 2010
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