I41Reduction of Class 1 main primary percentage
1
In the Social Security Contributions and Benefits Act 1992, in section 8(2)(a) (main primary percentage), for “12 per cent” substitute “10%”
.
2
In the Social Security Contributions and Benefits (Northern Ireland) Act 1992, in section 8(2)(a) (main primary percentage), for “12 per cent” substitute “10%”
.
3
In regulation 131 of the Social Security (Contributions) Regulations 2001—
a
omit “On and after 6th April 2011”, and
b
for “5.85 per cent” substitute “3.85%”
.
4
The amendments made by this section come into force on 6 January 2024.
F12Reduction of main Class 4 percentage
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I23Removal of requirement to pay Class 2 contributions
1
In section 11 of the Social Security Contributions and Benefits Act 1992 (Class 2 contributions)—
a
omit subsection (2),
b
in subsection (4), omit paragraph (a),
c
omit subsection (5),
d
in subsection (5A), omit the words from “but” to the end,
e
in subsection (5B), omit “under subsection (2)”, and
f
in subsection (8), for “subsections (2) and” substitute “subsection”
.
2
In section 11 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (Class 2 contributions)—
a
omit subsection (2),
b
in subsection (4), omit paragraph (a),
c
omit subsection (5),
d
in subsection (5A), omit the words from “but” to the end,
e
in subsection (5B), omit “under subsection (2)”, and
f
in subsection (8), for “subsections (2) and” substitute “subsection”
.
3
The amendments made by this section come into force on 6 April 2024.
I14Transitional and consequential provision
The Schedule contains transitional and consequential provision.
I35Short title
This Act may be cited as the National Insurance Contributions (Reduction in Rates) Act 2023.