Why the new budget could save you £104 a year
Rishi Sunak’s master plan could have you quids in.
You can do a lot with £104: a cheap flight, twenty five pints in London, over one hundred McDonald’s Mayo Chickens… the possibilities are endless. And now, 31 MILLION working Britains are set to save that sum, all thanks to our new chancellor.
Rishi Sunak has announced new National Insurance thresholds, set to come into place from April, which could save you a few quid in your take home pay.
The changes mean that the 12% National Insurance deductions from salaries now will NOT apply to the first £9,500 you earn per year - a significant increase on the current figure of £8,632.
Steven Cameron, Aegon pensions director, said: “Confirmation that the Government is increasing the threshold for when National Insurance becomes payable to £9,500 is good news, saving 31 million people across the UK up to £104 a year. This means those earning under £9,500 will pay no National Insurance whatsoever.
"What’s doubly welcome is the confirmation that those taken out of paying National Insurance won’t lose out on credits towards their state pension," Cameron said.
"This is important because people need at least 10 years’ credits to receive any state pension and 35 years to receive the full state pension which is expected to rise to £175.20 a week from April.
"Without this provision, people might have gained from paying less NI today only to suffer from a reduced state pension in future.”
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