C1Part I Contributions

Annotations:
Modifications etc. (not altering text)
C1

Pt. I (ss. 1-19): power to modify conferred (7.2.1994) by 1993 c. 49, s. 35, Sch. 1 Pt. I para. 5(3)(d); S.R. 1994/17, art. 2

Pt. I (ss. 1-19) amended (1.4.1999) by 1999 c. 2, s. 3(1)(7); S.I. 1999/527, art. 2(b), Sch. 2

Class 1 contributions

5F1 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 F3...

2

F2The 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 or made before the beginning of that year and taking effect before 6th May in that year.

F43

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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 Act or any other statutory provision 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.