National Insurance hike to be reversed

23 September 2022

 

  1. The Chancellor, Kwasi Kwarteng, has announced that the 1.25% increase to National Insurance Contributions will be reversed from 6 November 2022.  
  2. The Health and Social Care Levy (which was set to come into effect from 6 April 2023) will be cancelled through a Bill introduced by Government on 22 September 2022. The Chancellor confirmed that funding for health and social care would remain at the same levels as if the Levy was in place.
  3. The reversal is expected to save 920,000 businesses almost £10,000 on average next year whilst it is expected save around £330 per year on average for 28 million people.

Aspire Comment

The Chancellor is delivering a small budget where further announcements and tax cuts are expected to be announced. 

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