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Budget 2019

In his Budget speech of 19 February 2019, the Minister for the Treasury, the Hon. A L Cannan, MHK, announced various taxation and National Insurance measures.

Following the Budget, the Income Tax Division of Treasury published the following Practice Notes:

PN 206/19 – Budget 2019 – Income Tax and National Insurance Proposals

PN 207/19 – National Insurance Holiday Scheme

Budget 2019 – Tax and National Insurance Headlines

  • The income tax personal allowance is increased to £14,000 for a resident individual and £28,000 for a jointly assessed couple.
  • The income tax lower rate for individuals remains at 10% and the higher rate at 20%.
  • The threshold at which the higher rate becomes payable remains at £6,500 for an individual and £13,000 for a jointly assessed couple.
  • The Lower Earnings Limit for Primary Class 1 National Insurance contributions is increased to £118 per week.
  • The thresholds at which both employees and employers start to pay Class 1 NIC are increased to £125 per week.
  • The Class 2 Small Earnings Exception Limit and Class 4 Lower Profit Limit are increased to £6,500 annually.
  • The Class 3 National Insurance contribution is increased to £15.00 per week.

Treasury Pink Book 2019/20

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