Quarrying: Employers' Contributions
The question
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential impact of increases in employers' National Insurance contributions on the natural stone industry.
Answered by Dan Tomlinson
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer National Insurance contributions (NICs) announced at Autumn Budget 2024. The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.
The Government decided to protect the smallest businesses from these changes by increasing the Employment Allowance from £5,000 to £10,500. This means that this year, 865,000 employers will pay no NICs at all, and more than half of all employers will either gain or will see no change.
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