The government has announced NIC contribution rates and thresholds for 2023-24. The following is an extract from the HM Treasury document CP751, entitled Autumn Statement 2022 (para. 5.18), with paragraph spacing added for greater clarity:
“The government will fix the Lower Earnings Limit (LEL) and the Small Profits Threshold (SPT) at 2022- 23 levels in 2023-24.
The LEL will remain at £6,396 per annum (£123 per week) and the SPT will remain at £6,725 per annum.
The Upper Secondary Threshold, Apprentices Upper Secondary Threshold, and Veteran Upper Secondary Threshold, will stay fixed at £50,270 per annum until April 2028, to remain aligned with the UEL and UPL.
The Freeport Upper Secondary Threshold will also be fixed at £25,000 per annum.
The government will use the September CPI figure of 10.1% to uprate the Class 2 and Class 3 NICs rates for 2023-24. The Class 2 rate will be £3.45 per week, and the Class 3 rate will be £17.45 per week.
The government will legislate for these measures in affirmative secondary legislation in early 2023.”