The Social Security (Contributions) (Re-rating and National Insurance Funds Payments) Order 2014

• Citation: S.I. 2014/475
• 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 2014 and comes into force on 6th April 2014.

(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 section 11 of the Act and the Northern Ireland Act (Class 2 contributions)—

(a) in subsection (1) for “£2.70” substitute “£2.75”; and

(b) in subsection (4) for “£5,725” substitute “£5,885”.

Section 3 Amount of Class 3 contributions

In section 13(1) of the Act and the Northern Ireland Act (Class 3 contributions) for “£13.55” substitute “£13.90”.

Section 4 Lower and upper limits for Class 4 contributions

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

(a) for “£7,755” (lower limit) in each place where it appears substitute “£7,956”; and

(b) for “£41,450” (upper limit) in each place where it appears substitute “£41,865”.

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 2014-15 and the prescribed percentage of estimated benefit expenditure for the financial year ending with 31 st March in that tax year shall be 5 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 2014-15 and the prescribed percentage of estimated benefit expenditure for the financial year ending with 31 st March in that tax year shall be 5 per cent.