The Social Security (Contributions) (Re-rating and National Insurance Funds Payments) Order 2004

• Citation: S.I. 2004/889
• Sections: 6

Section 1 Citation, commencement and interpretation

(1) This Order may be cited as the Social Security (Contributions) (Re-rating and National Insurance Funds Payments) Order 2004 and shall come into force on 6th April 2004.

(2) In this Order—

“ the Act ” means the Social Security Contributions and Benefits Act 1992; and

“the Northern Ireland Act ” means the Social Security Contributions and Benefits (Northern Ireland) Act 1992.

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

In both section 11 of the Act and section 11 of the Northern Ireland Act (Class 2 contributions)–

(a) in subsection (1) (weekly rate) for “£2.00” substitute “£2.05”; and

(b) in subsection (4) (small earnings exception) for “£4,095” substitute “£4,215”.

Section 3 Amount of Class 3 contributions

In both section 13(1) of the Act and section 13(1) of the Northern Ireland Act (amount of Class 3 contributions) for “£6.95” substitute “£7.15”.

Section 4 Lower and upper limits for Class 4 contributions

In each of sections 15(3), 18(1) and 18(1A) of the Act and sections 15(3), 18(1) and 18(1A) of the Northern Ireland Act (Class 4 contributions recoverable under the Income Tax Acts and under regulations)—

(a) for “£4,615” (lower limit) in each place where it appears, substitute “£4,745”; and

(b) for “£30,940” (upper limit) in each place where it appears, substitute “£31,720”.

Section 5 Prescribed percentage of estimated benefit expenditure – Great Britain

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 2004-05 and the prescribed percentage of estimated benefit expenditure for the financial year ending with 31st March in that year shall be 2 per cent.

Section 6 Prescribed percentage of estimated benefit expenditure – Northern Ireland

Article 4(3) of the Social Security (Northern Ireland) Order 1993 (payments into the Northern Ireland National Insurance Fund out of appropriated money) shall have effect with respect to the tax year 2004-05 and the prescribed percentage of estimated benefit expenditure for the financial year ending with 31st March in that year shall be 2 per cent.