The Social Security (Contributions) (Rates, Limits and Thresholds Amendments and National Insurance Funds Payments) Regulations 2021
The Treasury have determined that, in relation to Great Britain, regulations 3 to 5 should be made under section 141 of the Administration Act to amend Part 1 of the Contributions Act by altering the small profits threshold for Class 2 contributions, the amount of a Class 3 contribution and the lower limit of profits to be taken into account for Class 4 contributions. The Treasury have determined that, in relation to Great Britain, there should be no alteration to the rate of Class 2 contributions.
Regulations 3 to 5 of these Regulations make provision for Northern Ireland, which corresponds to that mentioned in relation to Great Britain in the preceding recital, in accordance with section 129 of the Northern Ireland Administration Act.
With a view to adjusting the level at which the National Insurance Fund stands for the time being, and having regard to estimated benefit expenditure for the financial year ending with 31st March 2022, the Treasury think it expedient that regulation 7 of these Regulations should be made under section 2(2) of the 1993 Act.
With a view to adjusting the level at which the Northern Ireland National Insurance Fund stands for the time being, and having regard to estimated benefit expenditure for the financial year ending with 31st March 2022, the Treasury think it expedient that regulation 8 of these Regulations should be made under article 4(3) of the 1993 Order.