PRESS RELEASE : Reversal of National Insurance Increase takes effect today [November 2022]
The press release issued by HM Treasury on 6 November 2022.
From today the 1.25% point cut to National Insurance rates for employees and employers takes effect across the UK.
– The reversal of April’s rise in National Insurance takes effect across the UK from today
– Added to July’s increase in National Insurance thresholds, almost 30 million people will be £500 better off on average next year
– Most employees will start to receive this tax cut directly through payroll between November and February
The tax cut was announced by the government on 22 September, as part of the reversal of the Health and Social Care Levy.
Working people across the UK will begin receiving the tax cut in their payslips this month, with all expected to have started receiving it by February.
The move to reverse April National Insurance increase follows the rise in National Insurance thresholds in July. As a result of both measures, working people will be £500 better off, on average, next year.
Funding for health and social care services will be maintained at the same level as if the levy were in place.
It takes effect in all parts of the UK and means working people will keep more of the money they earn.
