PART 2Rates, limits and thresholds for National Insurance contributions

Interpretation2.

In this Part—

“the Act” means the Social Security Contributions and Benefits Act 1992;

“the Northern Ireland Act” means the Social Security Contributions and Benefits (Northern Ireland) Act 1992.

Small profits threshold for Class 2 contributions3.

In section 11(4) of the Act13 and the Northern Ireland Act14 (Class 2 contributions small profits threshold) for “£6,475” substitute “£6,515”.

Amount of a Class 3 contribution4.

In section 13(1) of the Act15 and the Northern Ireland Act16 (Class 3 contributions) for “£15.30” substitute “£15.40”.

Lower limit and upper limit of profits for Class 4 contributions5.

(1)

In sections 15(3)(a) and 18(1)(c) and (1A)(a) of the Act17 and the Northern Ireland Act18 (Class 4 contributions recoverable under the Income Tax Acts and under regulations) for “£9,500” (lower limit) substitute “£9,568”.

(2)

In sections 15(3) and 18(1A) of the Act and the Northern Ireland Act for “£50,000” (upper limit) in each place where it appears substitute “£50,270”.

Amendments to the Social Security (Contributions) Regulations 20016.

(1)

The Social Security (Contributions) Regulations 200119 are amended as follows.

(2)

In regulation 10 (earnings limits and thresholds)—

(a)

in the introductory words, for “2020” substitute “2021”;

(b)

in paragraphs (b) (upper earnings limit: primary Class 1 contributions), (e) (upper secondary threshold: under 21 group secondary Class 1 contributions) and (f) (upper secondary threshold: apprentices secondary Class 1 contributions) for “£962” substitute “£967”;

(c)

in paragraph (c) (primary threshold: primary Class 1 contributions) for “£183” substitute “£184”; and

(d)

in paragraph (d) (secondary threshold: secondary Class 1 contributions) for “£169” substitute “£170”.

(3)

In regulation 11 (prescribed equivalents)—

(a)

in paragraphs (2A) (upper earnings limit), (3B) (upper secondary threshold: under 21 age group) and (3C) (upper secondary threshold: apprentices)—

(i)

in sub-paragraph (a) for “£4,167” substitute “£4,189”; and

(ii)

in sub-paragraph (b) for “£50,000” substitute “£50,270”;

(b)

in paragraph (3) (primary threshold)—

(i)

in sub-paragraph (a) for “£792” substitute “£797”; and

(ii)

in sub-paragraph (b) for “£9,500” substitute “£9,568”;

(c)

in paragraph (3A) (secondary threshold)—

(i)

in sub-paragraph (a) for “£732” substitute “£737”; and

(ii)

in sub-paragraph (b) for “£8,788” substitute “£8,840”.