PART 2Rates, limits and thresholds for National Insurance contributions

Interpretation2.

In this Part—

“the Act” means the Social Security Contributions and Benefits Act 1992; and

“the Northern Ireland Act” means the Social Security Contributions and Benefits (Northern Ireland) Act 1992.

Rate of and small profits threshold for Class 2 contributions3.

In section 11 of the Act13 and the Northern Ireland Act14 (Class 2 contributions)—

(a)

in subsections (2) and (6) for “£3.05” substitute “£3.15”; and

(b)

in subsection (4) (small profits threshold) for “£6,515” substitute “£6,725”.

Amount of a Class 3 contribution4.

In section 13(1) of the Act15 and the Northern Ireland Act16 (Class 3 contributions) for “£15.40” substitute “£15.85”.

Lower limit of profits for Class 4 contributions5.

In sections 15(3)(a) and 18(1)(c) and (1A)(a) of the Act17 and the Northern Ireland Act18 (Class 4 contributions recoverable under the Income Tax Acts and under regulations) for “£9,568” substitute “£9,880”.

Amendments to the Social Security (Contributions) Regulations 20016.

(1)

The Social Security (Contributions) Regulations 200119 are amended as follows.

(2)

In regulation 10 (earnings limits and thresholds)—

(a)

in the introductory words, for “2021” substitute “2022”;

(b)

in paragraph (a) (lower earnings limit: primary Class 1 contributions) for “£120” substitute “£123”;

(c)

in paragraph (c) (primary threshold: primary Class 1 contributions) for “£184” substitute “£190”; and

(d)

in paragraph (d) (secondary threshold: secondary Class 1 contributions) for “£170” substitute “£175”.

(3)

In regulation 11 (prescribed equivalents)—

(a)

in paragraph (3) (primary threshold)—

(i)

in sub-paragraph (a) for “£797” substitute “£823”; and

(ii)

in sub-paragraph (b) for “£9,568” substitute “£9,880”;

(b)

in paragraph (3A) (secondary threshold)—

(i)

in sub-paragraph (a) for “£737” substitute “£758”; and

(ii)

in sub-paragraph (b) for “£8,840” substitute “£9,100”.