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B1280 - National Insurance Reform Bill 2017 (Second Reading) Watch

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    B1280 - National Insurance Reform Bill 2017 (Second Reading), TSR Ukip Party



    National Insurance Reform Bill 2017

    A bill to simplify national insurance

    BE IT ENACTED by the Queen’s most Excellent Majesty, by and with the advice and consent of the Commons, in this present Parliament assembled, and by the authority of the same, as follows:-

    1: For the purpose of this Act:
    (1) National Insurance is an act to provide for Insurance against Loss of Health and for the Prevention and Cure of Sickness and for Insurance against Unemployment, and for purposes incidental thereto.

    2: Abolition of class 2, 3 and 4 national insurance rates
    (1) Class 2 of national insurance is hereby abolished
    (2) Special class 2 rates paid by fisherman and volunteer development workers is hereby abolished
    (3) Class 3 of national insurance is hereby abolished
    (4) Class 4 of national insurance is hereby abolished
    (5) Additional class 4 rates is hereby abolished

    3: Class 1 reform
    (1) Employers rate of national insurance is hereby abolished

    4: Self employed contribution rate
    (1) The contribution paid will go towards state pensions and entitled the self employed for certain benefits
    (2) This contribution rate will have various threshold depending on the level of profits outlined below
    (3) The 1st threshold shall be introduced called the small profits limit (SPL)
    (i) The limit shall be £6,025
    (4) The 2nd threshold shall be introduced called lower profits limit (LPL)
    (i) The limit shall be £8164
    (5) The 3rd threshold shall be introduced called upper profits limit (UPL)
    (i) The limit shall be £45,000
    (6) Rate between small profit limit and lower profit limit shall be 2%
    (7) Rate between lower profit limit and upper profit limit shall be 9%
    (8) Rate above the upper profit limit shall be 2%

    5: Commencement, Short title and Extent
    (1) This Act may be cited as National Insurance Reform Bill 2017
    (2) This Act extends to the whole of the United Kingdom
    (3) This Act comes into force in April 1st 2018




    Notes
    The purpose of this bill is simple to simplify the national insurance contributions by abolishing all the different classes and leaving class 1 employee rate. This will make it easier in a future bill to merge national insurance with income tax to form a new single income tax.
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    aye
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    Aye
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    Changes?
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    This bill entered cessation.
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    This bill has entered division.
 
 
 
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