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    • Effectively reducing the national debt

      • If the fund runs low and there is a risk of there not being enough money in it to pay the benefits in question the Treasury tops it up from general government funds. If the fund builds up a good surplus then it lends money to other parts of government, effectively reducing the national debt.
      www.tax.org.uk/national-insurance-contributions-nics-an-explainer

      National Insurance Contributions (NICs) – an explainer

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  3. fullfact.org › economy › money-national-insuranceWhat happens to the money from National Insurance Contributions?

    Mar 1, 2019 · A viral post on social media claims UK adults’ National Insurance Contributions (NICs) are being used to pay off the national debt. This is, in part, correct, but it doesn’t affect the amount of pensions or benefits people get in return for their NICs.

  4. fullfact.org › live › 2024How does National Insurance relate to pensions and NHS ...

    Apr 17, 2024 · This figure refers specifically to savings from recently announced reductions to employee National Insurance contributions (NICs). On 6 April the main rate of NICs will be lowered from 10% to 8%, having been previously reduced from 12% to 10% in January.

  5. www.tax.org.uk › national-insurance-contributionsNational Insurance Contributions (NICs) – an explainer

    If the fund builds up a good surplus then it lends money to other parts of government, effectively reducing the national debt. ( Full Fact did an explainer on this particular point in 2019.) There is no automatic relationship between the total amount raised from NICs and the generosity or otherwise of contributory benefits.

  6. ifs.org.uk › taxlab › taxlab-taxes-explainedNational Insurance contributions explained | IFS Taxlab

    In years when the fund is not sufficient to finance benefits, it is topped up from general taxation revenues; and in years when the fund builds up a surplus, it is used to reduce the national debt: essentially, the government lending money to itself.

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  8. fullfact.org › economy › national-insuranceClaims about impact of National Insurance reduction don’t ...

    Jan 9, 2024 · On 6 January, changes to National Insurance contributions (NICs) announced by the government in November 2023 took effect, reducing the main rate of NICs from 12% to 10%.

  9. www.forbes.com › national-insurance-explainedNational Insurance Contributions: What Are They, And ... - Forbes

    Apr 29, 2024 · The change, which reduced the main rate of NI from 10% to 8%, took effect from 6 April 2024, the start of the new tax year and providing a boost to the pay packets of millions of workers.

  10. www.bbc.co.uk › news › uk-politics-58436009National Insurance: Will tax cut save me money? - BBC News

    Nov 6, 2022 · The majority of businesses will also see a reduction in their NI bills. Each business will save an average of £9,600 each in 2023-24, according to the government. National Insurance rise to be...

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