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Planned increases to National Insurance contributions (NICs) for the self-employed have been scrapped. In a letter to the Treasury committee, Chancellor Philip Hammond confirmed that “there will be no increases in NICs rates in this Parliament”.
Seen by many as breaking a 2015 general election manifesto pledge, the proposed increased to NICs were highly criticised – not least by Tory backbenchers.
In his letter, Mr Hammond stated “It is very important both to me and to the Prime Minister that we are compliant not just with the letter, but also the spirit of, the commitments that were made.
“In the light of what has emerged as a clear view among colleagues and a significant section of the public, I have decided not to proceed with the Class 4 NIC measure set out in the Budget.”
The Chancellor also stated that the abolition of Class 2 NICs – including for the self-employed – from April 2018 will go ahead as planned.
Are you happy with the u-turn? Let us know in the comments below.
You might avoid a fine if a close relative died shortly before the self assessment deadline, you've been seriously ill, or if you had major IT problems.