Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

National Insurance Contributions definition

What does National Insurance Contributions mean? National Insurance contributions (NICs) are payments made by employees, employers and the self-employed to HMRC—or credited—so individuals build entitlement to the UK State Pension and other contributory social security benefits. NICs are a statutory concept defined primarily in the Social Security Contributions and Benefits Act 1992 (and the Northern Ireland 1992 Act) and related regulations. NICs are distinct from income tax but are usually calculated and reported via PAYE or self assessment. Amounts collected are paid into the National Insurance fund (Great Britain) or the Northern Ireland National Insurance Fund and finance the new State Pension, contributory Employment and Support...

EMI share options—UK income tax, NICs, PAYE and apprenticeship levy: grant, exercise, disqualifying events, RCAs, restricted securities elections and ITEPA 2003 Part 7 risks

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Practice notes

Although the enterprise management incentives (EMI) qualifying conditions are very stringent, the income tax, national insurance contributions (NICs) and apprenticeship levy outcomes for qualifying EMI options can be highly beneficial. This Practice Note outlines the income tax, NICs and apprenticeship levy treatment of qualifying EMI options, as set out in sections 527–541 of the Income Tax (earnings and Pensions) Act 2003 (ITEPA 2003). For an account of the capital gains tax treatment of EMI options, see Practice Note: EMI—CGT, which also covers business asset disposal relief and corporation tax relief. For a fuller explanation of the business asset disposal relief rules for EMI options, see the Practice Notes: Business asset disposal relief and enterprise management incentives (EMI) schemes, together with the Table that summarises the income tax, National Insurance contributions (NICs), capital gains tax (CGT) and business asset disposal relief (BADR) treatment of enterprise management incentives (EMI) options and shares.

Income tax—basic principles

Income tax is a charge on income, but not every type of income falls within charge. People are taxed only on ‘taxable income’ above a given amount. Various reliefs and allowances can reduce the tax due...

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Web page updated on 21/05/2026

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