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Still confused by new NIC changes?

The changes to NICs announced in the Spring Statement in March came were anything but straightforward and there is still confusion surrounding who is affected by this increase. Here, we set the record straight.

In his Spring Statement – or was it a mini-Budget? – The Chancellor announced several changes to NICs aimed at reducing the impact of the 1.25 percentage point increase in the rates that took effect on the 6th April. The mechanism by which Mr Sunak did this was complicated by the last-minute nature of the change, two weeks before the start of the new tax year. Had the Chancellor made the adjustment in his Autumn Budget, matters would have been more straightforward.

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Repayment of student loans: Another freeze…and worse

The government is turning the financial screw-on student loans and is set to claw back £2.3 billion under the guise of high inflation.

These changes pose a significant and potentially expensive dilemma for those with student debt.

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124 Hits