Chancellor's Budget U-turn on NIC rises

In the budget Chancellor Phillip Hammond announced that he would be raising Class 4 national insurance contributions. Class 4 NICs which are paid by the self-employed, were set to rise from 9% to 10% next April, and again to 11% in April 2019. However, after much debate the Chancellor has scrapped the increases, citing that it could be seen as breaking election promises.

The Class 2 NICs paid by self-employed (the old weekly stamp) will still be abolished in April 2018.