UK Repeals Health and Social Care Levy

The UK’s Health and Social Care Levy, which increased National Insurance contribution rates starting with the 2022-23 tax year, was repealed by an act that received royal assent Oct. 25.

Starting Nov. 6, the Health and Social Care Levy (Repeal) Act 2022 returns National Insurance contribution rates to the rates previously in effect through the 2021-22 tax year.

The levy act, which was passed in 2021, temporarily increased National Insurance contribution rates by 1.25 percentage points for the 2022-23 tax year before introducing a separate levy of 1.25% starting with the 2023-24 tax year on the same wages subject to ...