29 million Brits will see their hard work rewarded from today (6 April), as record tax cuts come into full force.
Since Autumn 2023, National Insurance Contributions (NICs) for workers have been slashed by a third - the largest cut to NICs in history - with a longer-term ambition to end the unfair double tax on work and abolish employee and self-employed NICs altogether.
Since January, the main rate of employee National Insurance has been cut for 27 million workers from 12% to 8%, saving the average employee on £35,400 over £900 a year.
Over 2 million self-employed people will benefit from the main rate of Class 4 NICs being cut from 9% to 6% alongside the abolition of the requirement to pay Class 2 NICs - simplifying the tax system and saving an average self-employed person on £28,000 over £650 a year.
I know that will be of benefit to constituents across Mid Worcestershire.
You can find more information here: https://www.gov.uk/government/news/government-rewards-workers-with-reco…
