Pre-Budget Report 2008 - National Insurance to be increased
Alongside proposed increases in income tax the Chancellor has announced increases in National Insurance Contributions (NIC) will be increased by 0.5% across the board from April 2011.
This means that employers’ contributions will be increased to 13.3% and the main rates for employees and the self employed will be increased to 11.5% and 8% respectively. The additional rate for those who earn in excess of the upper earnings limit will also be increased by 0.5% to 1.5%
This is part of a package of proposed tax increases to help fund the short term measures announced elsewhere in his report.
Date: 24th November, 2008
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