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The Chancellor has abandoned plans to increase self employed Class 4 National Insurance rates announced last week. Following criticism for breaking an election manifesto pledge Philip Hammond wrote to Conservative MPs, saying:
"I have decided not to proceed with the Class 4 NIC measure set out in the Budget. There will be no increases in NICs rates this parliament. We will continue with the abolition of Class 2 NICs from April 2018. The cost of the changes I am announcing today will be funded by measures to be announced in the Autumn Budget." Comments are closed.
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