Spring Budget: What the latest National Insurance cut means for you

Chancellor Jeremy Hunt announced a 2p cut in National Insurance in his latest fiscal update – how much could you actually save?

tax calculator
(Image credit: Getty Images)

Workers are set for a further national insurance tax cut in April following today’s Spring Budget.

Hunt had already used last year’s Autumn Statement to unveil a 2 percentage points drop in Class 1 employee national insurance (NI) rates from 12% to 10% that started from 6 January 2024. 

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National Insurance Bill: how it's changed
Salary2023Jan-April 2024April 2024 onwardChange from 2023 to April 2024
£15,000£291.6£243£194.4£97.2
£25,000£1,491.6£1,243£994.4£497.2
£35,000£2,691.6£2,243£1,794.4£897.2
£50,000£4,491.6£3,743£2,994.4£1,497.2
£75,000£5,018.6£4,264.6£3,510.6£1,508
£85,000£5,218.6£4,464.6£3,710.6£1,508
£100,000£5,518.6£4,764.6£4,010.6£1,508
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Marc Shoffman
Contributing editor

Marc Shoffman is an award-winning freelance journalist specialising in business, personal finance and property. His work has appeared in print and online publications ranging from FT Business to The Times, Mail on Sunday and the i newspaper. He also co-presents the In For A Penny financial planning podcast.