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Big, blue-sky ideas for the future of National Insurance contributions
KEY POINTS
- There is a £2.8 bn subsidy from the employed to the self employed in the form of reductions in NIC that are not matched by reductions in benefits.
- This cannot be justified by the extra risk taken on: the market should be paying higher fees and self employment is not a good proxy for risk.
- This highlights the need to abolish employer contributions and to integrate tax and national insurance to create a level playing field.
- A politically palatable first step would be to charge employer NIC on member drawings from LLPs.
The biennial Institute of Fiscal Studies conference at Murray Edwards College in Cambridge is unlike most other tax conferences. Its attendees are quite a small group under a hundred people but include some major makers and...
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