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National Insurance Surcharge

Volume 29: debated on Thursday 28 October 1982

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asked the Chancellor of the Exchequer what would be the cost to the Exchequer in a full year of(a)a 10 per cent. cut in the national insurance surcharge and(b)of its total abolition.

A 10 per cent. cut in the rate of national insurance surcharge would reduce the yield by 10 per cent., and in 1982–83 NIS is expected to yield in the region of £3 billion. Total abolition would therefore cost about £3 billion.

asked the Chancellor of the Exchequer what is the value of the national insurance surcharge paid by central Government and local authorities, respectively, over the last two years; and what is the expected value for the current financial year.

[pursuant to his reply, 27 October 1982, c.410]: The information is as follows:

Central Government354407330
Local authorities415482520