20th October 2021
From 1 April 2022 National Insurance contributions will increase by 1.25% for employees, employers and the self-employed. The increase will be implemented for a year and a new Health and Social Care Levy will be introduced as of April 2023.
The Health and Social Care Levy will be extended to those over State Pension age with employment income or profits from self-employment above £9,568. The Levy will not be charged on pension income or for those over State Pension age who are not working.
The rate of income tax paid to people who receive dividend income from shares will also increase by 1.25% as from April 2021.
Zac Davidson