Budget briefing: Turn around when possible

28 Mar 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 £...

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