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The Social Security (Contributions) Amendment Regulations 1998
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- 1998 No. 523
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations further amend the Social Security (Contributions) Regulations 1979 (“the Contributions Regulations”).
Regulation 2 amends regulation 7 of the Contributions Regulations by increasing the weekly lower and upper earnings limits for Class 1 contributions for the tax year beginning on 6th April 1998. The lower earnings limit is increased from £62 to £64 and the upper earnings limit from £465 to £485.
Regulation 2 of these Regulations is made under section 5 of the Social Security Contributions and Benefits Act 1992 and the proposals for it are exempt from reference to the Social Security Advisory Committee by virtue of section 172(3) of, and paragraph 4 of Part I of Schedule 7 to, the Social Security Administration Act 1992 (c. 5).
This instrument does not impose any new costs on business. The lower and upper earnings limits increase broadly in line with the rise in price inflation.
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