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Tue, 21 Mar 2023
A series of changes to National Insurance contributions will come into effect from 6 April 2023.
The Primary Threshold at which Employees start paying National Insurance will rise by 5% in line with the average increase in earnings from £138 to £145 per week. In addition, the Secondary Threshold for employers will also increase to £145 per week.
There will be a similar adjustment in the Upper Earnings Limit, which is the point at which employees pay a lower rate of National Insurance from £823 to £864 per week.
These changes will ensure enough income is received by the National Insurance Fund to afford this year’s significant increases in state pensions, other benefits and an allocation to the funding of the Manx NHS.
There will be no changes to Class 1 and 4 National Insurance rates for 2023-24.
Class 2 contributions will increase to £5.70 per week for self-employed and £7.00 per week for share-fisherman.
Class 3 contributions will increase to £17.45 per week.
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