Overview of the Act
This Act introduces a cut in the main rate of primary (employee) Class 1 National Insurance contributions (NICs) from 10% to 8% and a cut in the main rate of self-employed Class 4 NICs from the previously announced rate of 8% to 6%. The reduction in rates to 8% was legislated in the National Insurance Contributions (Reduction in Rates) Act 2023. The further rate cuts take effect from 6 April 2024.