Maldives - Second Fisheries Project : Credit 1320 - Credit Agreement - Conformed
In the following provisions— for “10%” substitute “8%”.
section 8(2)(a) of the Social Security Contributions and Benefits Act 1992 (main primary percentage for Great Britain), and
section 8(2)(a) of the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (main primary percentage for Northern Ireland),
In regulation 131 of the Social Security (Contributions) Regulations 2001 (reduced rate of primary Class 1 contributions otherwise payable at the main primary percentage), for “3.85%” substitute “1.85%”.
In the following provisions (as they had effect immediately before the day on which this Act comes into force)— for “9 per cent” substitute “6%”.
section 15(3ZA)(a) of the Social Security Contributions and Benefits Act 1992 (main Class 4 percentage for Great Britain), and
section 15(3ZA)(a) of the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (main Class 4 percentage for Northern Ireland),
Section 2 of the National Insurance Contributions (Reduction in Rates) Act 2023 is superseded by subsection (3) and accordingly is to be treated as never having had effect.
The Social Security (Contributions) Regulations 2001 (as they had effect immediately before the day on which this Act comes into force) are amended as follows.
In regulation 21 (annual maxima for those with more than one employment), in paragraph (2), in Step Two, for “11.5%” substitute “8%”.
In regulation 100 (annual maximum of Class 4 contributions), in paragraph (3)—
in Step Two, for “9 per cent” substitute “6%”, and
in Step Five, for “100/9” substitute “100/6”.
Paragraph 3 of the Schedule to the National Insurance Contributions (Reduction in Rates) Act 2023 is superseded by this section and accordingly is to be treated as never having had effect.
This Act comes into force on 6 April 2024.
This Act may be cited as the National Insurance Contributions (Reduction in Rates) Act 2024.