Section 143 — Social Security Administration Act 1992: Power to alter contributions with a view to adjusting level of National Insurance Fund

Power to alter contributions with a view to adjusting level of National Insurance Fund 143 1 Without prejudice to section 141 above, the Treasury may at any time, if they think it expedient to do so with a view to adjusting the level at which the National Insurance Fund stands for the time being and having regard to the sums which may be expected to be paid from the Fund in any future period, make an order amending Part I of the Contributions and Benefits Act by altering any one or more of the following figures—

a the percentage rate specified as the main primary percentage in section 8(2)(a) ;

b the percentage rate specified as the secondary percentage in section 9(2),

c the figure specified in section as the weekly rate of Class 2 contributions; 11(6) d the figure specified in section 13(1) as the amount of a Class 3 contribution;

e the percentage rate specified as the main Class 4 percentage in section 15(3ZA)(a) . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 An order under subsection (1) above may if it contains an amendment altering the figure specified in section of the Contributions and Benefits Act as the weekly rate of Class 2 contributions and the 11(6) Treasury think it expedient in consequence of that amendment, amend section 11(4) of that Act by altering the figure there specified as the small profits threshold for the purposes of Class 2 contributions .

4 No order shall be made under this section so as—

a to increase for any tax year the main primary percentage, or the secondary percentage, to a percentage rate more than 0.25 per cent higher than that applicable at the end of the preceding tax year, or b to increase the main Class 4 percentage to more than 9.25 percent.