The Social Security (Contributions) (Re-rating and National Insurance Fund Payments) Order 1998

• Citation: S.I. 1998/469
• Sections: 5

Section 1 Citation, commencement and interpretation

(1) This Order may be cited as the Social Security (Contributions) (Re-rating and National Insurance Fund Payments) Order 1998 and shall come into force on 6th April 1998.

(2) In this Order “ the Act ” means the Social Security Contributions and Benefits Act 1992.

Section 2 Rate of, and small earnings exception from, Class 2 contributions

In section 11 of the Act (Class 2 contributions) —

(a) in subsection (1) (weekly rate) for “£6.15”, substitute “£6.35”;

(b) in subsection (4) (small earnings exception) for “£3,480”, substitute “£3,590”.

Section 3 Amount of Class 3 contributions

In section 13(1) of the Act (amount of Class 3 contributions) for “£6.05”, substitute “£6.25”.

Section 4 Lower and upper limits for Class 4 contributions

In section 15(3) and section 18(1) of the Act (Class 4 contributions recoverable under the Income Tax Acts and under regulations) —

(a) for “£7,010” (lower limit) in each place where it appears, substitute “£7,310”;

(b) for “£24,180” (upper limit) in both places where it appears, substitute “£25,220”.

Section 5 Prescribed percentage of estimated benefit expenditure

Section 2(2) of the Social Security Act 1993 (payments into the National Insurance Fund out of money provided by Parliament) shall have effect with respect to the tax year 1998–99 and the prescribed percentage of estimated benefit expenditure for the financial year ending with 31st March in that tax year shall be 2 per cent..