Chancellor Rishi Sunak announced in the Spring Statement that the National Insurance Contributions starting threshold will rise by £3,000 to £12,570 from this month, meaning employees across the UK will keep more of what they earn before they have to start paying personal tax.
The cut, worth over £6 billion, will benefit almost 30 million working people with a typical employee saving over £330 in the year from July 6. The higher-rate threshold will remain at £50,270.
At the time, the Chancellor hailed it as the single biggest tax cut for a decade and said "around 70 per cent of all workers will have their taxes cut by more than the amount they'll pay through the new levy".
