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The Social Security (Class 2 National Insurance Contributions) (Consequential Amendments and Savings) Regulations 2024

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Savings for the purpose of making a return of relevant profits (Great Britain)

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9.  After section 11 of the Social Security Contributions and Benefits Act 1992(1) (Class 2 contributions) insert—

11A.    Relevant profits to be included in self assessment tax return

(1) Part 2 (returns) of the Taxes Management Act 1970(2) applies, with the necessary modifications, for the purpose of establishing whether an earner has relevant profits of, or exceeding, the small profits threshold for a tax year, as it applies for the purpose of establishing the amounts in which a person is chargeable to income tax and capital gains tax for a year of assessment.

(2) In this section “relevant profits” has the meaning it has in section 11 (Class 2 contributions)..

(1)

The existing section 11A of that Act is repealed by paragraph 4(1) of the Schedule to the National Insurance Contributions (Reduction in Rates) Act 2023 (c. 57).

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