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The Social Security (Contributions and Credits) (Miscellaneous Amendments) Regulations 1999

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Amendment of regulation 61 of the principal Regulations

15.—(1) Regulation 61 of the principal Regulations (exception from Class 4 liability by reference to Class 1 contributions paid on earnings chargeable to income tax under Schedule D)(1) shall be amended in accordance with the following provisions of this regulation.

(2) For paragraph (1), substitute—

(1) Subject to the provisions of paragraph (2) of this regulation, where in respect of earnings paid in any year of assessment an earner has or, but for the provisions of regulation 49 of these Regulations, would have paid Class 1 contributions and those earnings are chargeable to income tax under Schedule D, he shall be excepted from liability to pay contributions under section 15(1), (2) and (5) of the Social Security Contributions and Benefits Act 1992 (Class 4 contributions recoverable under the Income Tax Acts) on so much of his profits or gains for that year of assessment as exceed the smaller of the two money sums specified in section 15(3)(2) of that Act and do not exceed the greater of those two money sums and equal—

(a)in the case of an earner who has or, but for the said provisions, would have paid Class 1 contributions at the normal rate, the value of Class 1 contributions so paid or which, but for the said provisions, would have been paid, multiplied by 100 and divided by the figure of the primary percentage;

(b)in the case of an earner who has or, but for the said provisions, would have paid Class 1 contributions at the reduced rate, the value of the Class 1 contributions so paid or which, but for the said provisions, would have been paid, multiplied by 100 and divided by the figure of the reduced rate;

(c)in the case of an earner who has or, but for the said provisions, would have paid Class 1 contributions at the contracted-out rate, the value of the Class 1 contributions so paid or which, but for the said provisions, would have been paid, multiplied by 100 and divided by the figure of the contracted-out rate..

(3) In paragraph (4) for “section 9(2) of the Act”, substitute “section 15(3) of the Social Security Contributions and Benefits Act 1992”.

(1)

Regulation 61 was amended by regulation 6(a) of S.I. 1985/1398 and regulation 3(6) of S.I. 1989/1677.

(2)

Section 15(3) is amended by article 4 of S.I. 1999/263.

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