Self-Employed Tax Cuts Shelved

Friday 07 September, 2018 Written by  IoD
Self-Employed Tax Cuts Shelved

Chancellor Philip Hammond has announced that earlier plans to give self-employed workers a tax cut will not go ahead. The relief for self-employed people had first been announced under George Osborne back in 2015 and would have abolished Class 2 National Insurance Contributions for those with profits ranging from £6,205 to £8,424.
 
The move comes as the Chancellor tries to find savings across the board ahead of the budget in order to fund the government's pledge of an additional £350m in NHS funding.
 
Commenting on the reversal in policy Mike Cherry, Chair at the FSB said that 'the self-employed community has been let down today, missing out on a promise to reduce their tax burden. This raises serious questions once again about the Government’s commitment to supporting the self-employed.'

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