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Abolition delayed until April 2019 to allow time for further consultation.
The National Insurance Contributions Bill will be introduced in 2018 the government has announced. The measures it will implement will now take effect one year later from April 2019. These include the abolition of class 2 National Insurance and changes to the National Insurance treatment of termination payments and sporting testimonials.
The government has decided to implement a one-year delay to allow time for consultation on the impact of the abolition of class 2 National Insurance on self-employed individuals with low profits. When these are abolished those with profits below the small profits threshold (currently £6 025) will have to pay class 3 contributions (£14.25 a week) which are five times as much as class 2 (£2.85 a week) if they want to build up an entitlement to contributory benefits such as the state pension.
The Low Incomes Tax Reform Group is keen for a way...
