The Social Security (Contributions) (Limits and Thresholds, National Insurance Funds Payments and Extension of Veterans Relief) Regulations 2024

These Regulations are made by the Treasury in exercise of the powers conferred by sections 5(1) and (4) to (6), 9A(7) and (8), 9B(4) and (5) and 175(3) of the Social Security Contributions and Benefits Act 19921(“the Contributions Act”), sections 5(1) and (4) to (6), 9A(7) and (8), 9B(4) and (5) and 171(3) and (10) of the Social Security Contributions and Benefits (Northern Ireland) Act 19922 (“the Northern Ireland Contributions Act”), section 2(2) and (3) of the Social Security Act 19933 (“the 1993 Act”), Article 4(3) and (4) of the Social Security (Northern Ireland) Order 19934 (“the 1993 Order”) and sections 6(6) and 8(4) to (8) of the National Insurance Contributions Act 20225 (“the NICA 2022”).

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 2025, the Treasury think it expedient that regulation 4 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 2025, the Treasury think it expedient that regulation 5 should be made under Article 4(3) of the 1993 Order.