What do National Insurance changes mean for you?
Money Box
BBC
4.2 • 825 Ratings
🗓️ 30 July 2022
⏱️ 26 minutes
🧾️ Download transcript
Summary
From 6th July, everyone in work will see a cut in the taxes they pay. It's because the level of pay at which National Insurance begins will be raised. Two million people on part-time low pay will not pay any national insurance at all. Ministers say it's a tax cut of 330 pounds per year for a typical employee, but that is not the whole picture. The rate of national insurance rose three months ago. So this cut is in a tax that is already costing millions of workers more. We'll hear from families in Stockport on how their income is being squeezed and speak to the Minister responsible for tax policy Lucy Frazer, the Financial Secretary to the Treasury.
If you are a victim of crime it is most likely that your money is stolen through fraud. New figures out this week showed the amount stolen and the number of victims rose substantially last year - as they have every year that the figures have been collected. We'll get reaction from Her Majesty's Inspector of Constabulary, Matt Parr.
A new act banning ground rents for most new residential leases in England and Wales came into force this week. It's part of the government’s Leasehold Reform plans. We'll find out more about the new rules from a legal specialist in leasehold. Plus, why has a much anticipated code of practice designed to regulate the private parking sector been withdrawn?
Presenter: Paul Lewis Reporter: Dan Whitworth Researcher: Sandra Hardial Editor: Jess Quayle
(First broadcast at 12pm, Saturday 2nd July, 2022)
Transcript
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| 0:43.2 | Hello, welcome to this Moneybox podcast. |
| 0:46.2 | Thieves stole half a billion pounds from the bank accounts of nearly 200,000 people last year. |
| 0:52.7 | Why can't law enforcement stop this tsunami of fraud? Some private |
| 0:57.9 | parking firms are threatening court action, which has derailed government plans to control them. |
| 1:03.3 | And a new law says new leaseholders can only be charged a peppercorn for ground rent. |
| 1:08.5 | Does the changes need more spicing up? But first, from next week, |
| 1:13.0 | everyone in work will see a cut in their taxes. On Wednesday, the level of pay at which |
| 1:17.8 | national insurance begins will be raised, cutting that tax by more than £6 a week for most |
| 1:23.2 | workers. Two million people on part-time low pay will not pay any national insurance at all. But that's |
| 1:30.4 | not the whole picture. The rate of national insurance rose three months ago, so this cut is in a tax |
| 1:36.2 | that is already costing millions of workers more. And with the cost of food, energy bills and petrol, |
| 1:42.1 | all rising fast, families are struggling to balance the household |
| 1:45.7 | budget. Our reporter, Kath Padison, spoke to parents outside a school in Stockport. This week, |
| 1:51.8 | we've done a quick budget analysis and shocked us, to be honest, at how much income is not enough |
... |
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