Part I Contributions
Class 1 contributions
F15 Earnings limits and thresholds for Class 1 contributions.
(1)
For the purposes of this Act there shall for every tax year be—
(a)
the following for primary Class 1 contributions—
(i)
a lower earnings limit,
(ii)
a primary threshold, and
(iii)
an upper earnings limit; and
(b)
a secondary threshold for secondary Class 1 contributions.
Those limits and thresholds shall be the amounts specified for that year by regulations F2...
F3(2)
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F4(3)
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(4)
Regulations may, in the case of each of the limits or thresholds mentioned in subsection (1) above, prescribe an equivalent of that limit or threshold in relation to earners paid otherwise than weekly (and references in this or any other Act to “the prescribed equivalent”, in the context of any of those limits or thresholds, are accordingly references to the equivalent prescribed under this subsection in relation to such earners).
(5)
The power conferred by subsection (4) above to prescribe an equivalent of any of those limits or thresholds includes power to prescribe an amount which exceeds, by not more than £1.00, the amount which is the arithmetical equivalent of that limit or threshold.
(6)
Regulations under this section shall be made by the Treasury.