The Chancellor's Spring Budget 2024 announced a 2% cut in the main rates of National Insurance for both employees and the self-employed from 6 April 2024.
National Insurance Contributions (NICs)
From 6 April 2024:
- The main rate of employee Class 1 NICs is reduced by 2%, from 10% to 8%.
- The Married Women’s Reduced Rate decreases from 3.85% to 1.85%.
- The main rate of self-employed Class 4 NICs is also reduced by 2%, from 8% to 6%.
- All other NIC rates and thresholds remain as previously announced.
- Policy paper: Reduction to the main rates of primary Class 1 and Class 4 National Insurance contributions
Abolition of Class 2 NICs
- The government will launch a consultation later this year to fully abolish compulsory Class 2 NICs.
Topical guides on this topic
Spring Budget 2024: At a glance
Back to Spring Budget 2024
