Treasury delays NIC hike for self-employed

The NICs bill is set to scrap Class 2 NICs, where those who are self-employed and earning below the small profits threshold of £6,025 can pay a weekly rate of £2.85 in order to receive state pension entitlements.  Under the new rules introduced in 2019 this group will have to pay a voluntary Class 3 NICs rate in order to gain the same entitlement, which is currently set at £14.25 - more than four times the Class 2 rate.  In a statement secretary to the Treasury Andrew Jones said: "The government has decided to implement a one year delay to allow time to engage with interested parties ...