THE Isle of Man Treasury is looking at changing the way self employed people pay their national insurance contributions.

It is proposing that Class 2 national insurance payments should be paid once a year as it says the current weekly payment system is "overly bureaucratic".

A consultation has been launched to gain public opinion on this change which will:

• explain the current Class 2 contributions system

• propose to move Class 2 contributions to one payment per year

• propose that the level at which a person becomes liable to pay Class 2 contributions is raised to match the Class 4 contributions lower profit limit

• seek views and comments on these options and any other related issues

Where possible the Treasury says it wants to bring the income tax and national insurance systems into alignment.

The consultation will run until March 2. Members of the public can view the consultation online by clicking here or can apply for a hard copy by telephoning 01624 685400.