Autumn Statement 23: Class 2 NI abolished for self-employed

Jeremy Hunt lays out plans in Autumn Statement as chancellor

Sahar Nazir
clock • 1 min read

Chancellor Jeremy Hunt has revealed in his 2023 Autumn Statement today (22 November) that the government is "abolishing the Class 2 National Insurance for self-employed people".

Hunt said: "After careful consideration, we are abolishing Class 2 National Insurance, saving the average self-employed person £192 a year." This measure "simplifies" and cuts tax for nearly two million self-employed people in the UK. Meanwhile, veterans will receive "greater National Insurance relief". "I will extend national insurance relief for employers of eligible veterans for a further year and provide £10 million to support the Veterans' Places, Pathways and People programme," Hunt told the House of Commons. Read more: Autumn Statement 23: A close look at what advisers mu...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

PA360: AIM investments should be 'more than an IHT planning option'

PA360: AIM investments should be 'more than an IHT planning option'

How AIM is becoming more mainstream in financial planning

Jenna Brown
clock 26 April 2024 • 2 min read
Inheritance tax receipts hit a record of £7.5bn as 2023/24 year ends

Inheritance tax receipts hit a record of £7.5bn as 2023/24 year ends

‘IHT is the tax gift that keeps on giving as record receipts have been banked’

Hope Coumbe
clock 23 April 2024 • 2 min read
Don't let these five tax changes slip through the advice net

Don't let these five tax changes slip through the advice net

Changes to tax policy advisers need to be aware of

David Downie
clock 18 April 2024 • 3 min read