Changes to National Insurance Contributions from 6 January 2024

From 6 January 2024, the main rate of Class 1 employee NICs has been cut from 12% to 10%.

According to the government, this will provide a tax cut for 27 million working people in the public and private sectors, with the average worker earning £35,400 a year receiving a tax cut in 2024/25 of £450.

The Chancellor announced the changes in his 2023 Autumn Statement.

Download our full summary of the Chancellor’s 2023 Autumn Statement here for a detailed overview.