Overview

• Multiple reports say officials are exploring applying National Insurance to rental income ahead of the autumn Budget, with no final decision taken.
• Analysis cited across outlets suggests an 8% levy on 2022–23 net property income could raise roughly £2.1–£2.2bn, with some reports noting NI’s drop to 2% above £50,270.
• Allies of Rachel Reeves argue the measure broadens the tax base rather than increasing NI rates, aligning with pledges not to raise VAT, income tax or NI rates for working people.
• The Treasury declined to confirm the proposal and reiterated a growth-first stance and a commitment to keep taxes for working people as low as possible.
• Housing and tax experts warn the move could reduce rental supply, push up rents and spur landlords to sell or incorporate, with examples suggesting many could face about £1,000 extra a year.