The Autumn Finance Bill had its second reading in the House of Commons on 13 December, which will eventually be enacted as Finance Act 2024.
Also, The National Insurance Contributions (Reduction in Rates) Bill completed its remaining Lords stages on 12 December. This means the rate of employee NICs on income between the current primary threshold of £242 p/w and the current upper earnings limit of £967 p/w will fall to 10% from 6 January 2024, the rate of class 4 NICs for the self-employed will reduce from 9% to 8% between the lower profits limit and the upper profits limit from 6 April 2024, and class 2 NICs will be abolished.
The Autumn Finance Bill had its second reading in the House of Commons on 13 December, which will eventually be enacted as Finance Act 2024.
Also, The National Insurance Contributions (Reduction in Rates) Bill completed its remaining Lords stages on 12 December. This means the rate of employee NICs on income between the current primary threshold of £242 p/w and the current upper earnings limit of £967 p/w will fall to 10% from 6 January 2024, the rate of class 4 NICs for the self-employed will reduce from 9% to 8% between the lower profits limit and the upper profits limit from 6 April 2024, and class 2 NICs will be abolished.
