A State Pension warning has been issued over the National Insurance rise.
Chancellor Rishi Sunak announced in this week's Spring Statement the threshold for National Insurance contributions would rise by £3,750 to £12,570 from July. The increase is one of the measures introduced in the wake of the UK's cost-of-living crisis and means employees will keep more of what they earn before they have to start paying personal tax - as The Daily Record reports.
The Health and Social care levy also comes into effect next month, which is a 1.25 percentage point increase on National Insurance Contributions designed to support the NHS across the UK. Mr Sunak had been under pressure to scrap the increase in the face of the rising cost of living crisis, but instead opted to soften the blow by raising the threshold at which people start paying National Insurance.
