Tens of thousands of workers across the UK will see an increase in their take-home pay for the month of July. It comes as changes to the way in which National Insurance contributions are made come into force.
As part of his Spring Statement back in March, former Chancellor of the Exchequer Rishi Sunak announced that the starting threshold for National Insurance will rise by £3,000 to £12,570. This means that from July, UK employees will get to keep hold of more of what they earn before they have to start paying personal tax.
The cut, worth more than £6bn, is expected to benefit almost 30 million workers, with the average employee saving more than £330 per year from July 6. Meanwhile, the higher-rate threshold will remain at £50,270, reports WalesOnline.
