|
|
|
National Insurance
| 2002/2003 National Insurance Contributions (NICs) |
| |
Employer |
|
Employee |
|
|
| Class 1 - not contracted out |
| Weekly earnings bands payable on earnings |
| Up to £89 |
Nil |
|
Nil |
|
| £89.01 - £585 |
11.8% |
|
10% |
|
| Over £585 |
11.8% |
|
£49.60 max |
|
| Men 65 and over and women 60 and over |
as above |
|
Nil |
|
|
| Class 1A |
On relevant benefits |
11.8% |
|
Nil |
|
|
| Class 2 |
Self employed |
£2.00 per week |
|
| Limit of net earnings for exception |
£4,025 pa |
|
|
| Class 3 |
Voluntary |
£6.85 per week |
|
|
| Class 4* |
Self employed on profits |
7% |
|
| £4,615 - £30,420 |
£1,806.35 max |
|
*Exemption applies if state retirement age was reached by 6 April 2002 |
|
Increases for 2003/04
The employee and employers' rates will both increase by 1% in 2003/04 increasing the rate paid by
employees to 11% and that paid by employers to 12.8%.
Employees' earnings above the upper earnings limit and self employed profits above the upper
profits limit will also be subject to a 1% rate of national insurance contributions.
|
