Analysis: What does Labour’s first Budget mean for insurance brokers?
In the time since Labour won the election on 4 July there has been much speculation as to what their first Budget would contain. PKF Littlejohn’s Tom Golding looks at some of the key changes announced - and what these may mean for insurance brokers.
Employer’s National Insurance Contributions (NIC)Some of of the most significant changes were those made to employer’s NIC, the tax payable by employers on employees’ earnings.
From 6 April 2026, the rate will increase from 13.8% to 15%. In addition, the point at which employers start paying tax will be reduced from £9,100 to £5,000 per annum.
From this date, any earnings an employee makes over the £5,000 will be subject to the increased 15% rate of tax.
The rate increase, coupled with the
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