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

Section 1(2) has been amended by paragraph 56(1) and (2) of Schedule 7 to the Social Security Act 1998 (c. 47).
Section 1(2) has been amended by paragraph 38(1) of Schedule 6 to S.I.1998/1506.
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”.