UK's Reeves raises employers' National Insurance Contributions
LONDON, Oct 30 (Reuters) -British finance minister Rachel Reeves said on Wednesday the government would raise the National Insurance Contributions (NICs) that businesses pay by 1.2 percentage points to 15% from April next year to boost funding for public services including the National Health Service.
Reeves also lowered the threshold for when employers start making the contributions from 9,100 pounds per year to 5,000 pounds.
The combined changes are likely to represent the single largest revenue raiser in Reeves' budget.
"This will raise 25 billion pounds per year by the end of the forecast period," Reeves told parliament.
Employers paid 60% of the 179 billion pounds raised by NICs in the last tax year, the second-largest revenue-raiser after income tax.
Reporting by David Milliken and Elizabeth Piper; Editing by Christina Fincher
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