What is it?
A new tax, set initially at 1.25%, set to raise £12bn per annum to help fund the NHS and social care.
The levy will begin for the 2022/23 tax year starting on 6 April 2022
For 2022/23 the levy will be payable by:
For 2023/24 onwards the NIC increases will end, and will be replaced by a specific Health and Social Care levy which will be collected in the same way but will also apply to workers who are over state pension age and not liable to employees NIC.
The levy will not be payable on interest or rental income.
There is an explainer on the BBC website giving more details of the reasoning behind the levy, and the costs for a range of earnings.
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