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In force since 2024-04-06, as the publisher states.
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Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.
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7 provisions
Title and introductory text
2024 No. 249
Social Security
The Social Security (Contributions) (Limits and Thresholds, National Insurance Funds Payments and Extension of Veterans Relief) Regulations 2024
Made
29th February 2024
Coming into force
6th April 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 1992(“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 1992 (“the Northern Ireland Contributions Act”), section 2(2) and (3) of the Social Security Act 1993 (“the 1993 Act”), Article 4(3) and (4) of the Social Security (Northern Ireland) Order 1993 (“the 1993 Order”) and sections 6(6) and 8(4) to (8) of the National Insurance Contributions Act 2022 (“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.
A draft of these Regulations was laid before Parliament in accordance with the provisions of section 176(1)(za), (zb) and (a) of the Contributions Act, section 172(11ZA), (11ZB) and (11A) of the Northern Ireland Contributions Act, section 2(8) of the 1993 Act, Article 4(8) of the 1993 Order and section 12(2) of the NICA 2022 and approved by a resolution of each House of Parliament.
Propose a change1 Citation and commencement
These Regulations may be cited as the Social Security (Contributions) (Limits and Thresholds, National Insurance Funds Payments and Extension of Veterans Relief) Regulations 2024 and come into force on 6th April 2024.
Propose a change2 Amendment to the Social Security (Contributions) Regulations 2001
In regulation 10 of the Social Security (Contributions) Regulations 2001 (earnings limits and thresholds) for “2023” substitute “2024”.
Propose a change3 Amendments to the National Insurance Contributions Act 2022
In section 8 of the National Insurance Contributions Act 2022 (upper secondary threshold for earnings: special tax site employees and armed forces veterans) in subsection (1) and subsection (2) for “and 6 April 2023” substitute “, 6 April 2023 and 6 April 2024”.
Propose a change4 Prescribed percentage of estimated benefit expenditure – Great Britain
Section 2(2) of the Social Security Act 1993 (payments into National Insurance Fund out of money provided by Parliament) has effect with respect to the tax year 2024-25 and the prescribed percentage of estimated benefit expenditure for the financial year ending with 31st March in that year shall be 5 per cent.
Propose a change5 Prescribed percentage of estimated benefit expenditure – Northern Ireland
Article 4(3) of the Social Security (Northern Ireland) Order 1993 (payments into Northern Ireland National Insurance Fund out of appropriated money) has effect with respect to the tax year 2024-25 and the prescribed percentage of estimated benefit expenditure for the financial year ending with 31st March in that year shall be 5 per cent.
Propose a change6 Amendment to the National Insurance Contributions Act 2022
In section 6(4) of the National Insurance Contributions Act 2022 (zero-rate contributions for armed forces veterans) after paragraph (b) insert—
(c) 2024-25.
.
Propose a change