Press release
23 March 2022
Rachel McEleney, associate tax director, Deloitte, comments:
“The Chancellor announced today that he will be increasing the national insurance thresholds for individuals in 2022/23 - from £9,880 to around £11,901 - to help with the cost of living crisis. This is based on an alignment of the annual threshold to £12,570, in line with the personal allowance, but only taking effect from July 2022. Employees who are earning at or above this threshold will save about £269 compared to the amount that was expected following the Autumn Budget in 2021. Self-employed individuals with profits above this threshold will save around £208.
“Employees earning more than £34,372 will still pay more NIC in 2022/23 than they did in 2021/22 due to the 1.25% increase in rates. An employee earning £60,000 in both years will see an NIC increase of £320, instead of the £589 increase that was previously expected.
“A self-employed individual with profits of £60,000 will see an increase of £391 instead of the expected £598.”
@DeloitteUK for live comment
Deloitte spokespeople
Deloitte has a range of spokespeople available to comment on today’s Budget. They can be reached on 020 7007 3333 or 0207 303 5054 or one of the following numbers:
• Debapratim De - Senior economist (07789 036 944)
• Amanda Tickel - Head of tax policy (07920 270 964)
• Rachel McEleney - Personal tax (07826 891 752)
• Alison Lobb – Corporate tax (07826 952 940)
• James Warwick - Employment tax (020 7303 6924)
• Andrew Clarke – Indirect tax (07824 895 798)
• Katherine Lampen – Climate change/sustainability (020 7303 6924 / 07920 270 964)
• Gerry Biddle – Business rates (07826 952940)
About Deloitte
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.
Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.
The information contained in this press release is correct at the time of going to press.
For more information, please visit www.deloitte.co.uk.