The Social Security (Contributions) (Rates, Limits and Thresholds Amendments and National Insurance Funds Payments) Regulations 2021

Lower limit and upper limit of profits for Class 4 contributions

5.—(1) In sections 15(3)(a) and 18(1)(c) and (1A)(a) of the Act(1) and the Northern Ireland Act(2) (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”.

(1)

Section 15(3) was substituted by section 3(1) of the NICA 2002 and amended by paragraph 420(3) of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005 (c. 5) (“ITTOIA”). Section 18(1) was amended by paragraph 18(2) of Schedule 3 to the Transfer Act, paragraph 1 of Schedule 2 to the NICA 2002 and paragraph 5 of Schedule 1 to the NICA 2015. Section 18(1A) was inserted by section 3(3) of the NICA 2002. The amount of the upper limits in each of these provisions was last substituted by S.I. 2019/262. The amount of the lower limits in each of these provisions was last substituted by S.I. 2020/299.

(2)

Section 15(3) was substituted by section 3(2) of the NICA 2002 and amended by paragraph 424(3) of Schedule 1 to ITTOIA. Section 18(1) was amended by paragraph 18(2) of Schedule 3 to the Transfer Order, paragraph 1 of Schedule 2 to the NICA 2002 and paragraph 14 of Schedule 1 to the NICA 2015. Section 18(1A) was inserted by section 3(4) of the NICA 2002. The amount of the upper limits in each of these provisions was last substituted by S.I. 2019/262. The amount of the lower limits in each of these provisions was last substituted by S.I. 2020/299.