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MSE News: Budget 2011: Tax and National Insurance
Former_MSE_Helen
Posts: 2,382 Forumite
This is the discussion thread for the following MSE News Story:
Read the full story:
Budget 2011: Tax and national insurance may be merged
Budget 2011: Tax and national insurance may be merged
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Comments
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hmmm what about those who are retired so no longer pay NI yet are still working?0
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The expert commentary from the IFS, suggests that it seems more likely that this will be an administrative merger to reduce the costs for both employers and HMRC rather than a merger of the NI and Tax deductions as such ?
So, I assume that the changes would not effect who pays or how much. But, since there is to be a long consultation period, it is hardly worth speculating at this stage !This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
HalloweenJack wrote: »hmmm what about those who are retired so no longer pay NI yet are still working?
The budget document states on page 19 section 3.5
http://cdn.hm-treasury.gov.uk/2011budget_taxation_overview.pdfA consultation document will be published later this year setting out the differences in the current income tax and National Insurance systems, and options to address these.
The Government will maintain the contributory principle and reflect this in any changes it brings forward. The Government will not extend NICs to individuals above State Pension age or to other forms of income such as pensions, savings and dividends.0
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