Financial guru Martin Lewis was back on TV on Tuesday, November 8, with news that everyone who works is going to get a boost in their pay cheque this month. Appearing on ITV Martin Lewis Money Show Live, the fast-talking money expert had plenty of advice to get across to viewers.
"Expect more in your take-home pay this month," Lewis declared. Going on to explain that "most National Insurance rates dropped to 12% (1.25% points)."
Picking up on the statement, Yorkshire Live wrote: "It means take-home pay is going to go up by at least £30 and possibly as much as £780 depending on how much you earn".
READ MORE: £20m in benefits and financial support going unclaimed in Nottingham every year
Working out how much you'll get back is based on your earnings. Most National Insurance rates dropped to 12% (1.25% points). Use the table below to get an idea of what the change means to you and how much extra you will take home over the course of a year.
The National Insurance tax cut - or the reversal of the recent rise - takes effect from November 6. It is a result of Rishi Sunak's National Insurance increase, implemented earlier in the year, which has now been cancelled after a policy u-turn by now-ex chancellor Kwasi Kwarteng and former PM Liz Truss. Even though Rishi Sunak, who implemented the policy as chancellor, is now Prime Minister, the National Insurance tax rise cancellation is still going ahead.
Pay bracket and what it will mean to you over the year
Someone earning £12,570 per year - £0 gain per year
£15,000 - £30 gains per year
£20,000 - £93 gains per year
£40,000 - £343 gains per year
£75,000 - £780 gains per year
The Government's website explains the change saying: "The tax cut was announced by the government on 22 September, as part of the reversal of the Health and Social Care Levy. Working people across the UK will begin receiving the tax cut in their payslips this month, with all expected to have started receiving it by February.
"The move to reverse the April National Insurance increase follows the rise in National Insurance thresholds in July. As a result of both measures, working people will be £500 better off, on average, next year. Funding for health and social care services will be maintained at the same level as if the levy were in place."
READ NEXT:
Matt Hancock's I'm A Celeb twist branded 'vile' and 'disgusting' by angry fans
Pensioners consider getting jobs as people lose sleep over energy bills
Former I'm A Celebrity star Nick Knowles sends message to every viewer over Mike Tindall
Primark shoppers reveal £7 'top secret' warm winter essential described as 'insane'
