5(1)This paragraph applies to an assessment of the amount of earnings-related contributions payable where that amount is assessed on the amount of earnings paid in an earnings period specified in regulation 8(2) to (5) of the Social Security (Contributions) Regulations 2001 (earnings periods for directors).
(2)For the purposes of such an assessment the following apply, for the tax year 2022-23, with the modifications specified.
(3)Part 1 of the Social Security Contributions and Benefits Act 1992 has effect as if—
(a)in section 8(2) (calculation of primary Class 1 percentages)—
(i)in paragraph (a) (main primary percentage), for “12” there were substituted “12.73”, and
(ii)in paragraph (b) (additional primary percentage), for “2” there were substituted “2.73”, and
(b)in section 9(2) (calculation of secondary Class 1 contributions: the secondary percentage), for “13.8” there were substituted “14.53”.
(4)Part 1 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992 has effect as if—
(a)in section 8(2) (calculation of primary Class 1 percentages)—
(i)in paragraph (a) (main primary percentage), for “12” there were substituted “12.73”, and
(ii)in paragraph (b) (additional primary percentage), for “2” there were substituted “2.73”, and
(b)in section 9(2) (calculation of secondary Class 1 contributions: the secondary percentage), for “13.8” there were substituted “14.53”.
(5)Regulation 131 of the Social Security (Contributions) Regulations 2001 has effect as if for “5.85” there were substituted “6.58”.
(6)In this paragraph “” has the meaning it has in the Social Security (Contributions) Regulations 2001 (see regulation 1(2)).
Commencement Information
I1Sch. para. 5 in force at Royal Assent