The resource for international American families

Boris Johnson has made a commitment to provide £25bn for NHS England, approximately £5bn for healthcare in the devolved nations and £5.3bn for social care.

To raise these revenues, two taxes are being raised:

  • National Insurance (NIC) – National Insurance contributions will be going up by 1.25% for individuals both employed and self-employed with earnings over £9,568. The National Insurance payment will also rise by a similar amount for employers’ payments. This will be effective from April 2022.Boris Johnson has said “‘Our new levy will share the cost between individuals and businesses, and everyone will contribute according to their means, including those above state pension age, so those who earn more will pay more. Income tax is not paid by businesses so the whole burden would rest on individuals. The new levy will fall on businesses and individuals. And the highest earners will pay the majority. And because we are also increasing dividends tax rates we will be asking better-off business owners and investors to make a fair contribution too”.
  • Dividend Tax – An increase at the same level of 1.25% will also apply to dividend taxation.

This is going to come as an unwelcome surprise to many people who rely on their investment income to live. On the US/UK tax side the higher UK tax will not have any impact on the US taxes either and just further increase an individual’s foreign tax credits.

Latest Content

Market Updates

August 2022 Market Commentary

Articles | 6 September, 2022

August predominantly maintained the enthusiasm driving the equity markets in July. As economic data released throughout the month continuously reaffirmed a view that inflation was peaking in many…

Investment Management

The Roadmap Part 4c: currency and the fund problem

Articles | 1 September, 2022

The purpose of any portfolio is to grow in value over time and/or generate an income. In this month’s edition of the roadmap, Joshua Moss sits down with Olivia…

For more US Expat content direct to your inbox monthly, sign up to our newsletter.


The value of investments and any income from them can fall as well as rise and neither is guaranteed. Investors may not get back the capital they invested. Past performance is not indicative of future performance. The material is provided for informational purposes only. No news or research item is a personal recommendation to trade. Nothing contained herein constitutes investment, legal, tax or other advice. Copyright © London and Capital Asset Management Limited. London and Capital Asset Management Limited is authorised and regulated by the Financial Conduct Authority of 12 Endeavour Square, London E20 1JN, with firm reference number 143286. Registered in England and Wales, Company Number 02112588. London and Capital Wealth Advisers Limited is authorised and regulated by both by the Financial Conduct Authority of 12 Endeavour Square, London E20 1JN, with firm reference number 120776 and the U.S. Securities and Exchange Commission of 100 F Street, NE Washington, DC 20549, with firm reference number 801-63787. Registered in England and Wales, Company Number 02080604. London and Capital Wealth Management Europe A.V., S.A. registered with the Commercial Registry of Barcelona at Volume 48048, Sheet 215, Page B-570650 and with Tax Identification Number (NIF) A16860488, authorised and supervised by the Comisión Nacional del Mercado de Valores (“CNMV”), and registered at CNMV’s register under number 307 (