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Conservative manifesto: National Insurance cuts to 6% and scrapping main self‑employed rate; CGT and SDLT reliefs; welfare changes; justice funding and arbitration bill revival ahead of July 2024 election

Published on: 13 June 2024

Published by a Law360 reporter
Legal News
Article summary

At Silverstone, the Midlands Grand Prix circuit, the Prime Minister unveiled his party’s general election manifesto, promising to cut employees’ National Insurance contributions, taken from wages, to 6% by April 2027—provided the Conservatives overturn their roughly 20-point polling gap.

The Conservative administration has already reduced the rate in two stages, from 12% in November to 8% in March. The 80-page manifesto also outlines an ambition to scrap the levy altogether over time.

Sunak restated his party’s adherence to the pensions triple lock, ensuring the state pension rises each year by average earnings, inflation, or 2.5%, whichever is higher. He also reiterated a May pledge that state pension payments would always remain below the income tax threshold, as part of a plan...

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