Archive - 2002 Budget:

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National Insurance Other Measures Announced
2003/04 Tax Calendar Top ten 2003 Budget Predictions
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National Insurance

2002/2003 National Insurance Contributions (NICs)
  Employer Employee
Class 1 - not contracted out
Weekly earnings bands payable on earnings
Up to £89 Nil Nil
£89.01 - £585 11.8% 10%
Over £585 11.8% £49.60 max
Men 65 and over and women 60 and over as above Nil
Class 1A On relevant benefits 11.8% Nil
Class 2 Self employed £2.00 per week
Limit of net earnings for exception £4,025 pa
Class 3 Voluntary £6.85 per week
Class 4* Self employed on profits 7%
£4,615 - £30,420 £1,806.35 max

*Exemption applies if state retirement age was reached by 6 April 2002


Increases for 2003/04

The employee and employers' rates will both increase by 1% in 2003/04 increasing the rate paid by employees to 11% and that paid by employers to 12.8%.

Employees' earnings above the upper earnings limit and self employed profits above the upper profits limit will also be subject to a 1% rate of national insurance contributions.




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Tax:  Budget Report | Tax Guide | Financial Planning Guide
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