JEREMY HUNT CUTS NATIONAL INSURANCE IN AUTUMN STATEMENT

Chancellor Jeremy Hunt has announced a bigger than expected cut in national insurance in his autumn statement. The main rate for employee Class 1 national insurance will go down from 12% to 10% from 6 January 2024.

HMRC state that “This measure will have a positive impact on individuals, households and families across the United Kingdom by providing a tax cut for around 29 million individuals in tax year 2024 to 2025.

An average employee on £35,400 will receive a tax cut in the 2024 to 2025 tax year of over £450.”

More details on the reduction can be found at https://www.gov.uk/government/publications/changes-to-national-insurance-contributions-from-6-january-2024