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 lower profits threshold for Class 2 contributions3

In section 11 of the Act14 and the Northern Ireland Act15 (Class 2 contributions)—

a

in subsections (2) and (6) for “£3.15” substitute “£3.45”; and

b

in subsection (4)(a) (lower profits threshold) for “£11,908” substitute “£12,570”.

Amount of a Class 3 contribution4

In section 13(1) of the Act16 and the Northern Ireland Act17 (Class 3 contributions) for “£15.85” substitute “£17.45”.

Amendment to the Social Security (Contributions) Regulations 20015

In regulation 10 of the Social Security (Contributions) Regulations 200118 (earnings limits and thresholds) in the introductory words for “2022” substitute “2023”.

Amendments to the National Insurance Contributions Act 20226

In section 8 of the National Insurance Contributions Act 2022 (upper secondary threshold for earnings: freeport tax site employees and armed forces veterans)—

a

in subsection (1) for “year beginning with 6 April 2022” substitute “years beginning with 6 April 2022 and 6 April 2023”; and

b

in subsection (2) for “and 6 April 2022” substitute “, 6 April 2022 and 6 April 2023”.