Treasury forgoes ‘billions’ of pounds of potential revenue as well-paid self-employed partners spared employer NIC increases

Well-paid City lawyers and other self-employed partners at businesses including top accountancy and private equity firms have been spared the increases to national insurance contributions announced in October’s budget, in a move that will deny the Treasury “billions” of pounds of potential revenue.

Members of limited liability partnerships (LLPs) were not included in Rachel Reeves’ changes to employer national insurance contributions (NICs), which were raised to 15% from April 2025, while the threshold at which contributions are due was also lowered to £5,000 from £9,100.