National Insurance Contributions (Reduction in Rates) Act 2023 (c. 57)

1 Reduction of Class 1 main primary percentage U.K.

(1) In the Social Security Contributions and Benefits Act 1992, in section 8(2)(a) (main primary percentage), for “12 per cent” substitute “10%”.

(2) In the Social Security Contributions and Benefits (Northern Ireland) Act 1992, in section 8(2)(a) (main primary percentage), for “12 per cent” substitute “10%”.

(3) In regulation 131 of the Social Security (Contributions) Regulations 2001—

(a) omit “On and after 6th April 2011”, and

(b) for “5.85 per cent” substitute “3.85%”.

(4) The amendments made by this section come into force on 6 January 2024.

Commencement Information

I1 S. 1 in force at Royal Assent

F1 2 Reduction of main Class 4 percentage U.K.

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Textual Amendments

F1 S. 2 superseded and ceases to have effect (retrospectively) by virtue of National Insurance Contributions (Reduction in Rates) Act 2024 (c. 5), ss. 1(4), 3(1)

3 Removal of requirement to pay Class 2 contributions U.K.

(1) In section 11 of the Social Security Contributions and Benefits Act 1992 (Class 2 contributions)—

(a) omit subsection (2),

(b) in subsection (4), omit paragraph (a),

(c) omit subsection (5),

(d) in subsection (5A), omit the words from “but” to the end,

(e) in subsection (5B), omit “under subsection (2)”, and

(f) in subsection (8), for “subsections (2) and” substitute “subsection”.

(2) In section 11 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (Class 2 contributions)—

(a) omit subsection (2),

(b) in subsection (4), omit paragraph (a),

(c) omit subsection (5),

(d) in subsection (5A), omit the words from “but” to the end,

(e) in subsection (5B), omit “under subsection (2)”, and

(f) in subsection (8), for “subsections (2) and” substitute “subsection”.

(3) The amendments made by this section come into force on 6 April 2024.

Commencement Information

I2 S. 3 in force at Royal Assent

4 Transitional and consequential provision U.K.

The Schedule contains transitional and consequential provision.

Commencement Information

I3 S. 4 in force at Royal Assent

5 Short title U.K.

This Act may be cited as the National Insurance Contributions (Reduction in Rates) Act 2023.

Commencement Information

I4 S. 5 in force at Royal Assent