The Social Security Contributions (Deferred Payments and Interest) Regulations 2001

Application of section 107 of the Finance Act 2001 for the purposes of Class 1 contributions, Class 1A contributions and Class 1B contributions

2.—(1) For the purposes of Class 1 contributions, Class 1A contributions and Class 1B contributions, section 107 of the Finance Act 2001 (interest on unpaid tax, etc.: foot-and-mouth disease) shall apply with the following modifications.

(2) In subsection (1)—

(a) after “of tax”, where it first occurs, add “or a relevant contribution”; and

(b) for the second paragraph substitute—

• “For this purpose—

• “relevant contribution” means a Class 1 contribution, a Class 1A contribution or a Class 1B contribution, within the meaning of section 1(2) of the Social Security Contributions and Benefits Act 1992(1), or, in the case of a contribution payable in Northern Ireland, section 1(2) of the Social Security Contributions and Benefits (Northern Ireland) Act 1992(2), in respect of which interest would apart from this section be chargeable; and

• “tax” includes any amount chargeable by way of tax, or as a result of the non-payment of tax, in respect of which interest would apart from this section be chargeable.”

(3) In subsection (2) for “31st January 2001” substitute “12th May 2001”.

(4) In subsection (6)(a) for “the passing of this Act” substitute “the coming into force of the Social Security Contributions (Deferred Payments and Interest) Regulations 2001”.

(1)

Section 1(2) has been amended by paragraph 56(1) and (2) of Schedule 7 to the Social Security Act 1998 (c. 47).

(2)

Section 1(2) has been amended by paragraph 38(1) of Schedule 6 to S.I. 1998/1506.