The Social Security (Contributions) Amendment (No. 5) Regulations 1993

Explanatory Note

(This note is not part of the Regulations)

These Regulations further amend Schedule 1 to the Social Security (Contributions) Regulations 1979 (“the principal Regulations”), which applies certain income tax provisions to Class 1 and Class 1A contributions under the Social Security Contributions and Benefits Act 1992.

Regulation 2 inserts four new Regulations into Schedule 1 to the principal Regulations—

(a) Regulation 28A provides for interest to be payable on Class 1 contributions unpaid after the fourteenth day after the end of the tax year in respect of which they were due and on Class 1A contributions unpaid after the fourteenth day after the end of the tax year in which they were due to be paid;

(b) Regulation 28B provides for interest to be payable to employers who have overpaid Class 1 or Class 1A contributions, where the repayment of those contributions is made more than a year after the end of the year in respect of which the payment was originally made;

(c) Regulation 28C provides for interest paid by an employer to be repaid to him in certain circumstances and Regulation 28D provides for interest to be remitted in certain circumstances.