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The Finance Act 2009, Sections 101 and 102 (Interest on Late Payments and Repayments) (Consequential Amendments) Order 2014

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Social Security Administration Act 1992

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2.  In section 121C of the Social Security Administration Act 1992 (liability of directors etc. for company’s contributions)(1)—

(a)in subsection (5) for “at the prescribed rate” substitute “at the Class 1 rate on the Class 1 element of the specified sum, and otherwise at the prescribed rate,”;

(b)in subsection (7)(c) after “interest on it” insert “at the Class 1 rate on the Class 1 element of it and otherwise”; and

(c)in subsection (9)—

(i)before the definition of “contributions” insert—

“the Class 1 rate”—

(a)

in subsection (5) means the rate from time to time applicable under section 103(1) of the Finance Act 2009; and

(b)

in subsection (7)(c) means the rate from time to time applicable under section 103(2) of that Act;

“the Class 1 element”, in relation to any amount, means so much of that amount as is calculated by—

(a)

multiplying that amount by so much of the specified amount as consists of Class 1 contributions; and

(b)

dividing the product of that multiplication by the specified amount;; and

(ii)in the definition of “contributions” after “in respect of contributions” insert “(and accordingly, in the definition of “the Class 1 element” given by this subsection, “Class 1 contributions” includes any interest or penalty in respect of Class 1 contributions)”.

(1)

1992 c. 5. Section 121C was inserted by section 64 of the Social Security Act 1998 (c. 14) and has been amended by paragraph 10 of Schedule 5 to the Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2) and by section 5(3) of the National Insurance Contributions and Statutory Payments Act 2004 (c. 3).

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