The following Tax practice note provides comprehensive and up to date legal information covering:
The stated purpose of National Insurance contributions (NICs) is to fund and enable eligibility for certain state benefits, such as the state pension, and other social security benefits, such as the Jobseeker's Allowance and the Maternity Allowance.
There are currently seven different classes of NICs. The type paid depends on the individual's employment status, how much they earn and whether there are any gaps in their National Insurance record. The seven classes of NICs are shown in the table below.
This Practice Note focuses upon when NICs charges, namely primary and secondary Class 1 NICs and Class 1A NICs, arise in the context of employment-related securities and securities options.
For further details of who must account for Class 1 and 1A NICs and how they are calculated, see Practice Note: NICs—rates and payment obligations in relation to employment-related securities and securities options.
For current rates and thresholds applicable to NICs, see Practice Note: Key UK business
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