Spring Budget 24: Chancellor cuts NI by another 2p

National Insurance cut was major announcement in 2024 Spring Budget

Jenna Brown
clock • 3 min read

Chancellor Jeremy Hunt has today cut National Insurance (NI) by a further 2p.

The latest reduction follows the initial 2p reduction for 27 million workers in the 2023 Autumn Statement. Hunt said the main rate of NI would call from 10% to 8% meaning the average worker would save about £450 a year. For self-employed workers, it will fall from 8% to 6% equating to a saving of about £350 a year. He said the changes would "make our system simpler and fairer". Hunt added the long-term aim of the Conservatives was to further reduce NI. "The way we tax people's income is particularly unfair. Our long-term ambition is to end this unfairness. "We will continue t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Farmers urged to mitigate against IHT changes as protests hit Westminster

Farmers urged to mitigate against IHT changes as protests hit Westminster

Budget scrapped valuable IHT reliefs for agriculture and business assets

Jenna Brown
clock 19 November 2024 • 5 min read
Don't panic! Call for calm after Budget pensions IHT change

Don't panic! Call for calm after Budget pensions IHT change

Lisa Webster calls for a calm response to the IHT changes announced in the Budget earlier this month...

Lisa Webster
clock 14 November 2024 • 3 min read
Effectiveness of Labour's immediate CGT hike under question

Effectiveness of Labour's immediate CGT hike under question

CGT rates were raised in last Wednesday’s Budget

Jen Frost
clock 06 November 2024 • 2 min read