The U.K. government recently passed legislation introducing a health and social care levy to the National Insurance Contributions (NIC), increasing employer, employee and self-employed contributions by 1.25% of earnings.
The NIC increase will apply only for the tax year 2022-23, beginning on 6 April 2022, through 5 April 2023. Beginning April 2023, the NIC will return to 2021-22 tax year rates and the 1.25% levy will become a separate tax on earned income.
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Key details
For tax year 2022-23, the 1.25% health and social care levy will apply to NIC for:
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- Employees charged on their earnings (Class 1)
- Employers charged on their employees’ earnings (Class 1A and 1B)
- The self-employed charged on their earning profits (Class 4)
In 2023, a separate health and social care levy tax on the earnings of employees, employers and the self-employed will replace the temporary increase of the NIC rates.
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