Plans to increase national insurance contributions for the self-employed, as announced in the Spring Budget last week, have been dropped.

Chancellor Philip Hammond has told MPs in a Commons statement: “There will be no increase in NIC rates in this Parliament”.

The plans were reversed due to the perceived breach of the spirit of the party’s 2015 manifesto pledge not to increase VAT, NICs, or income tax.

If you would like to discuss, please call David Buck, Tax Partner on 01788 539000.