National Insurance Contributions

Treasury written question – answered on 8th July 2019.

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Photo of Matthew Offord Matthew Offord Conservative, Hendon

To ask the Chancellor of the Exchequer, what estimate he has made of the revenue accruing to the public purse annually from a 1p increase in National Insurance.

Photo of Jesse Norman Jesse Norman Financial Secretary to the Treasury and Paymaster General

HM Revenue and Customs (HMRC) publish estimates of the exchequer impact of various illustrative tax changes in the publication series “Direct effects of illustrative tax changes”. This includes illustrative effects for the following National Insurance changes:

  • Change Class 1 employee main rate by 1 percent point

  • Change Class 1 employee additional rate by 1 percent point

  • Change Class 1 employer rate by 1 percentage point

  • Change Class 2 rate by £1 per week

  • Change Class 4 main rate by 1 percentage point

  • Change Class 4 additional rate by 1 percentage point.

The latest bulletin, published in April 2019, is linked below: https://www.gov.uk/government/statistics/direct-effects-of-illustrative-tax-changes

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