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1.—(1) This Order may be cited as the Social Security (Contributions) (Re-rating and National Insurance Funds Payments) Order 2007 and shall come into force on 6th April 2007.
(2) In this Order—
“the Act” means the Social Security Contributions and Benefits Act 1992; and
“the Northern Ireland Act” means the Social Security Contributions and Benefits (Northern Ireland) Act 1992(1).
2. In both section 11 of the Act(2) and section 11 of the Northern Ireland Act(3) (Class 2 contributions)—
(a)in subsection (1) for “£2.10” substitute “£2.20”; and
(b)in subsection (4) (small earnings exception) for “£4,465” substitute “£4,635”.
3. In both section 13(1) of the Act (4) and section 13(1) of the Northern Ireland Act (amount of Class 3 contributions)(5) for “£7.55” substitute “£7.80”.
4. In each of sections 15(3), 18(1) and 18(1A) of the Act(6) and sections 15(3), 18(1) and 18(1A) of the Northern Ireland Act(7) (Class 4 contributions recoverable under the Income Tax Acts and under regulations)—
(a)for “£5,035” (lower limit) in each place where it appears, substitute “£5,225”; and
(b)for “£33,540” (upper limit) in each place where it appears, substitute “£34,840”.
5. Section 2(2) of the Social Security Act 1993 (payments into the National Insurance Fund out of money provided by Parliament) shall have effect with respect to the tax year 2007-08 and the prescribed percentage of estimated benefit expenditure for the financial year ending with 31st March in that year shall be 2 per cent.
6. Article 4(3) of the Social Security (Northern Ireland) Order 1993 (payments into the Northern Ireland National Insurance Fund out of appropriated money) shall have effect with respect to the tax year 2007-08 and the prescribed percentage of estimated benefit expenditure for the financial year ending with 31st March in that year shall be 2 per cent.
Claire Ward
Dave Watts
Two of the Lords Commissioners of Her Majesty’s Treasury
28th March 2007
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