27 Million Workers to Receive National Insurance Cut

An estimated 27 million workers will receive a National Insurance (NI) cut when the 2024/25 tax year starts this weekend, which could help boost household budgets during the ongoing cost of living crisis. The main rate of employee National Insurance will be cut from 10 per cent to 8 per cent from April 6.

Combined with a similar cut previously announced in the Autumn Statement - that came into effect at the start of January - the UK Government said the average worker earning £35,400 can expect to save more than £900 in NI deductions. The further cut was announced by Chancellor Jeremy Hunt during the Spring Budget in March and will also benefit the self-employed, as NI contributions on profits over £12,570 will be reduced to 6 per cent from April 6. When combined with the abolition of the requirement to pay Class 2, this is expected to save a self-employed worker earning £28,000 about £650 a yea

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