1Reduction of Class 1 main primary percentageU.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
I1S. 1 in force at Royal Assent
F12Reduction of main Class 4 percentageU.K.
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Textual Amendments
F1S. 2 superseded and ceases to have effect (retrospectively) by virtue of National Insurance Contributions (Reduction in Rates) Act 2024 (c. 5), ss. 1(4), 3(1)
3Removal of requirement to pay Class 2 contributionsU.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
I2S. 3 in force at Royal Assent
4Transitional and consequential provisionU.K.
The Schedule contains transitional and consequential provision.
Commencement Information
I3S. 4 in force at Royal Assent
5Short titleU.K.
This Act may be cited as the National Insurance Contributions (Reduction in Rates) Act 2023.
Commencement Information
I4S. 5 in force at Royal Assent