The Autumn Statement in 2011 primed industry for details on ‘above the line’ R&D tax relief and the introduction of the Patent Box, due in the Budget in late March 2012. These tax adjustments are designed to help industry grow in the UK, but do they side-step a much more direct route to economic recovery and the reduction of unemployment? TM investigates the constraining effects of employer National Insurance contributions.
National Insurance is the second largest tax in the UK, exceeded in the revenues it brings to government only by Income Tax. In the year to March 2011, National Insurance contributions from employees and employers totalled a stonking £99 billion. Given how lucrative National Insurance is for government, and how heavily the UK now relies…
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