Section 2 | Annual maximum contributions

(1)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.

(2)In regulation 21 (annual maxima for those with more than one employment), in paragraph (2), in Step Two, for “11.5%” substitute “8%”.

(3)In regulation 100 (annual maximum of Class 4 contributions), in paragraph (3)—

(a)in Step Two, for “9 per cent” substitute “6%”, and

(b)in Step Five, for “100/9” substitute “100/6”.

(4)Paragraph 3 of the Schedule to the National Insurance Contributions (Reduction in Rates) Act 2023 is superseded by this section and accordingly is to be treated as never having had effect.