Social Security calculator: See how you’ll be affected after the increase is reversed | Business news

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Chancellor Kwasi Kwarteng has announced that April’s increase in national insurance will be reversed from 6 November.

The 1.25 percentage point increase was introduced under former chancellor Rishi Sunak, but during the Tory leadership race Liz Truss promised to change it.

Use our calculator below to see how the change affects you:

The Treasury said most employees would receive a reduction in their National Insurance contribution directly through their employer’s payslip in their November pay, although some may be delayed until December or January.

It calculated that almost 28 million people will keep an extra £330 of their money on average next year, while 920,000 businesses are set to save almost £10,000 on average next year thanks to the change.

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