NIC rise will see ‘big law firm partners’ pay a little more

09 Mar 2017

Law firm partners could see their national insurance contributions increase by £700 over the next two years following measures included in the latest government budget.

Presenting his first and last Spring Budget to parliament on 8 March, the chancellor of the exchequer, Philip Hammond MP, announced that NIC for the self-employed, such as law firm partners, will rise despite a 2015 manifesto pledge not to increase tax, NIC, or VAT for five years.

The changes will see the 9 per cent rate of class 4 NICs currently paid by the self-employed earning between £8,060 and £43,000 rise to 10 per cent in April 2018 and to 11 per cent i...

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