The rates for most people for the tax year 2023 to 2024 are: Your pay. Class 1 National Insurance rate. £242 to £967 a week (£1,048 to £4,189 a month) 12%. Over £967 a week (£4,189 a month TAX NEWS Spring Statement: NIC measures welcome but not as simple as the Chancellor made it sound Article Published: 23 Mar 2022 Back to top National insurance contributions thresholds will rise for employees and the self-employed, together with the employment allowance for small employers. Class 2 NIC will include a zero-rate band. This will see the NIC threshold increase from £9,880 to £12,570 from 6 July 2022 and result in the alignment of the Primary Threshold (PT) for Class 1 NICs and Lower Profits Limit (LPL) for Class 4 NICs, with the personal allowance of £12,570. NATIONAL INSURANCE CONTRIBUTIONS (NICs) Class 1 NICs: Employee and employer rates and thresholds (£ per week) Tax year 2019-20 Tax year 2020-21 Weekly Lower Earnings Limit (LEL) £118 £120 Weekly Primary Threshold (PT) £166 £183 Weekly Secondary Threshold (ST) £166 £169 Upper Earnings Limit (UEL) £962 £962 The rate from 6 April 2023 to 5 April 2024 on expenses and benefits is 13.8%. They must also pay Class 1A on some other lump sum payments, for example redundancy payments . HMRC has detailed The legislation to deal with the changes seeks to average their rates of NIC for the whole of 2022/23: it includes new NIC rates of 12.73% and 2.73% for payments to statutory directors for the whole of 2022/23 and 14.53% for employers. .

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