PART 2Rates, limits and thresholds for National Insurance contributions

Interpretation2

In this Part—

  • “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.

Rate of and small profits threshold for Class 2 contributions3

In section 11 of the Act13 and the Northern Ireland Act14 (Class 2 contributions)—

a

in subsections (2) and (6) for “£3.05” substitute “£3.15”; and

b

in subsection (4) (small profits threshold) for “£6,515” substitute “£6,725”.

Amount of a Class 3 contribution4

In section 13(1) of the Act15 and the Northern Ireland Act16 (Class 3 contributions) for “£15.40” substitute “£15.85”.

Lower limit of profits for Class 4 contributions5

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 “£9,568” substitute “£9,880”.

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 “2021” substitute “2022”;

b

in paragraph (a) (lower earnings limit: primary Class 1 contributions) for “£120” substitute “£123”;

c

in paragraph (c) (primary threshold: primary Class 1 contributions) for “£184” substitute “£190”; and

d

in paragraph (d) (secondary threshold: secondary Class 1 contributions) for “£170” substitute “£175”.

3

In regulation 11 (prescribed equivalents)—

a

in paragraph (3) (primary threshold)—

i

in sub-paragraph (a) for “£797” substitute “£823”; and

ii

in sub-paragraph (b) for “£9,568” substitute “£9,880”;

b

in paragraph (3A) (secondary threshold)—

i

in sub-paragraph (a) for “£737” substitute “£758”; and

ii

in sub-paragraph (b) for “£8,840” substitute “£9,100”.