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UK’s Higher Taxes for Self-employed Deemed by Hammond as Necessary


March, 09 2017
watermark Economic news

Britain is firm on its decision to increase taxes on self-employed workers despite many disapprove of this, recriminating that this is necessary as a countermeasure for Brexit. Some see this move as contradicting to his promise that there will be no changes in the national insurance contributions, prior to the 2015 national election.

He announced on Wednesday that the modification in the tax rules is part of British Finance Minister Philip Hammond’s first full budget in response to Prime Minister Theresa May’s Brexit plans. He said that 60 percent of those self-employed people with 15% as working would be part of the decrease in the taxes under the new policy while the remaining 40 percent who earns more will pay more. The budget will include cut back on tax-free allowances which will have a big impact on self-employed individuals.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.