Chancellor of the Exchequer Philip Hammond today delivered a budget to provide a “strong, stable platform for Brexit.” Most of the key announcements were not strictly related to tax, with attention paid to the funding of adult social care in England and the upcoming revaluation of business rates. However, the previous chancellor having announced that Class 2 National Insurance was to be repealed (effective April 2018), the chancellor today announced an increase in Class 4 National Insurance contributions for the self-employed.
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