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UK Announcement: NIC Increase Reversal Starting 06 November 2022
Dear Customers,
On 22nd September 2022, the government announced changes to the rates used in the calculation of National Insurance. This will change the rates for Class 1 and Real Time Class 1A with effect from 6th November 2022, and introduce a blended rate for the Directors NI annual calculation with effect from 6th April 2022. It will also introduce a blended rate for the calculation of Class 1A on benefits in kind for tax year 2022/23. An update to implement these changes to the Oracle EBS payroll application will be released by mid-October.The pre-requisite for the new patch will be R12.HR_PF.C.Delta.15 (31800665)