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Budget briefing: Turn around when possible

Professional practice partners will cautiously welcome the chancellor’s NIC U-turn, but need to watch out for his next move, advises Louis Baker

28 March 2017

Partners in professional practice firms are welcoming the national insurance contributions (NIC) U-turn performed by the chancellor of the exchequer, Philip Hammond, but are wary that he must be plotting another move to recoup the revenue shortfall as he struggles to balance the books.

First things first: let’s clarify the confusion. The chancellor proposed in his Budget to increase the class 4 NIC rate from 9 per cent to, initially, 10 per cent in April 2018 and then up a further percentage point to 11 per cent from April 2019. This rate of class 4 NIC only applies to partners’ profit shares in the range from £8,164 to £45,000. There is a 2 per cent class 4 NIC rate on income profit shares above £45,000.

Unless you have been on a desert island since the Budget, yo...

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