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 UK Budget 2002 - Related Government Press Releases
REV 2

April 17 2002

CLICK HERE FOR BUDGET 2006-2007

(See the full text of the Chancellor's speech here!)


NATIONAL INSURANCE RATES 2003-04

The Chancellor today announced an increase in the rates of National
Insurance contributions (NICs) which will be introduced in 2003-04.
There will be an additional 1 per cent national insurance
contribution (NIC) by employers, employees and the self-employed on
all earnings above the NICs threshold of #89 per week. This is in
addition to existing rates of contribution below the upper earnings
limit for employees and the upper profits limit for the
self-employed.

This means that the starting point for both employers' and employees'
NICs in 2003-04 will be #89 per week and no employee will pay NICs on
earnings below this amount.



DETAILS
Rates and thresholds are set out below.

                                       2002-03                2003-04

Primary threshold                 #89 per week           #89 per week

Secondary threshold               #89 per week           #89 per week

Employees' primary class 1                 10%                    11%
rate on earnings between 
primary threshold and 
upper earnings limit

Employees' primary class 1                   -                     1%
rate on earnings above
upper earnings limit

Employers' secondary class 1             11.8%                  12.8%
rate on earnings
above secondary threshold

Lower profits limit                     #4,615                 #4,615
(for self-employed Class 4
contribution)

Class 4 rate on profits between             7%                     8%
lower and upper profits limit

Class 4 rate on profits above                -                     1%
upper profits limit





GOVERNMENT DEPARTMENT INTERNET SITES

Further information and all published documents relating to Budget 2002 may be found on the Internet at the following addresses:

HM Treasury
www.hm-treasury.gov.uk

Inland Revenue
www.inlandrevenue.gov.uk

HM Customs and Excise
www.hmce.gov.uk



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last modified: April 17, 2002