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Could it Really be the end for National Insurance

Could it be the end for National InsuranceGeorge Osborne is currently considering merging the taxes that we all love to see on our pay slips at the end of the month, National Insurance and Income Tax (PAYE). We would then see a single “earnings tax,” instead of the current separation.

This is not the first time that this subject has been raised, Mr Osborne considered merging the taxes in the last government, but decided against due to concerns about the technical implications on IT systems for the two taxes.

National Insurance was introduced in 1911 and is a contribution taken directly from wages to help towards the cost of the state. You cannot just scrap a century-old system however, as with the reasoning behind not making the change in the last government, the problems of merging the IT systems and the effect it may have on people that are self-employed will prevent this from occurring overnight.

Essentially, it is a simplification of the current tax system, which would mean less paperwork for employers and tax collectors and one bill making it easy for taxpayers to understand exactly how much tax is being taken from them by the government.

As with all things politics, this change is going to be something that (if) implemented, will not be within the foreseeable future. In fact, it may be a proposal that Mr Osborne will hold off until the next election, but we will just have to wait and see.

James Savery, 22 July 2015

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