SI 2018/337 - The Social Security (Contributions) (Rates, Limits and Thresholds Amendments and National Insurance Funds Payments) Regulations 2018
Released 09 March 2018
SI 2018/337 sets rates, limits and thresholds for National Insurance contributions from 6 April 2018.
The Social Security (Contributions) (Rates, Limits and Thresholds Amendments and National Insurance Funds Payments) Regulations 2018 amend the Social Security Contributions and Benefits Act 1992 and the Social Security (Contributions) Regulations 2001 (SI 2001/1004), with effect from 6 April 2018.
•increase the rate at which Class 2 National Insurance contributions (NICs) are payable by self-employed earners from £2.85 to £2.95 per week, and the small profits threshold from £6,025 to £6,205 per year;
•increase the amount of a voluntary Class 3 NICs from £14.25 to £14.65;
•increase the lower and upper profits limits for Class 4 NICs, between which Class 4 NICs are payable by the self-employed at the main Class 4 percentage rate - the lower limit increases from £8,164 to £8,424 per year and the upper limit from £45,000 to £46,350 per year;
•increase a number of weekly earnings limits and thresholds for determining liability to Class 1 NICs and entitlement to associated state benefits:
(i)the lower earnings limit increases from £113 to £116;
(ii)the upper earnings limit increases from £866 to £892;
(iii)the primary threshold increases from £157 to £162;
(iv)the secondary threshold increases from £157 to £162;
(v)the upper secondary threshold for the Under 21 age group increases from £866 to £892; and
(vi)the upper secondary threshold for relevant apprentices increases from £866 to £892.
•increase the prescribed equivalents of the upper earnings limit, the primary threshold, the secondary threshold, and the upper secondary thresholds for the Under 21 age group and relevant apprentices for monthly and yearly earnings periods.
The document is available here.