Part I Contributions
Class 1 contributions
5 Earnings limits for Class 1 contributions.
F1(1)
For the purposes of this Act there shall for every tax year be—
(a)
a lower earnings limit (for primary Class 1 contributions);
(b)
an upper earnings limit (for primary Class 1 contributions); and
(c)
an earnings threshold (for secondary Class 1 contributions),
and those limits and that threshold shall be the amounts specified for that year by regulations which, in the case of those limits, shall be made in accordance with subsections (2) and (3) below.
(2)
The amount specified as the lower earnings limit for any tax year shall be an amount equal to or not more than 99p less than—
(a)
the sum which at the beginning of that year is specified in section 44(4) below as the weekly rate of the basic pension in a Category A retirement pension; or
(b)
that sum as increased by any Act, Measure or order passed, enacted or made before the beginning of that year and taking effect before 6th May in that year.
(3)
The amount specified as the upper earnings limit for any tax year shall be an amount which either—
(a)
is equal to 7 times the sum by reference to which the lower earnings limit for that year is specified in accordance with subsection (2) above; or
(b)
exceeds or falls short of 7 times that sum by an amount not exceeding half that sum.
F2(4)
Regulations under this section shall be made by the Treasury.