National insurance contributions are set to rise to support the health and social care reform plan which the government have put in place for 2022. We have produced a summary which covers the social care proposals, how the costs will be met (National Insurance and Dividend Tax Rates) and what it could mean for you.
Among the new announcements are:
- Tax on share dividends of 1.25%
- A lifetime cap on social care costs to £86,000 from October 2023