IRRV Alert - week ending 25th March 2022 Part 2
News
Consultations
Reports
National Insurance Contributions (Increase of Thresholds) Bill (24 March 2022)
Policy paper
National Insurance Contributions (Increase of Thresholds) Bill
Draft legislation on National Insurance Contributions (Increase of Thresholds)
- From:
- HM Revenue & Customs and HM Treasury
- Published
- 23 March 2022
- Last updated
- 24 March 2022 — See all updates
Documents
Draft legislation: National Insurance Contributions (Increase of Thresholds) Bill
PDF, 715 KB, 3 pages
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Draft legislation: National Insurance Contributions (Increase of Thresholds) Bill (accessible alternative)
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Explanatory notes National Insurance contributions (increase of thresholds) Bill
PDF, 404 KB, 12 pages
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Explanatory notes National Insurance contributions (increase of thresholds) Bill (accessible alternative)
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Delegated powers memorandum: National Insurance contributions (increase of thresholds) Bill
PDF, 148 KB, 3 pages
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Delegated powers memorandum: National Insurance contributions (increase of thresholds) Bill (accessible alternative)
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Details
This measure will increase the Primary Threshold (PT) for Class 1 NICs and Lower Profits Limit (LPL) for Class 4 National Insurance contributions (NICs) from 6 July 2022, aligning it with the Personal Allowance for Income Tax which is set at £12,570 per annum up to April 2026.
This measure will also mean that no one earning between the Small Profits Threshold (SPT) and the LPL will pay any Class 2 NICs. This will ensure that those earning between these thresholds will not pay Class 2, but will maintain their eligibility to contributory benefits and build entitlement to the State Pension.
Published 23 March 2022
Last updated 24 March 2022 + show all updates