Section 15 — Social Security Contributions and Benefits Act 1992: Class 4 contributions recoverable under the Income Tax Acts.

Class 4 contributions recoverable under the Income Tax Acts. 15 1 Class 4 contributions shall be payable for any tax year in respect of all profits which—

a are immediately derived from the carrying on or exercise of one or more trades, professions or vocations, ... b are profits chargeable to income tax under Chapter 2 of Part 2 of the Income Tax (Trading and Other Income) Act 2005 for the year of assessment corresponding to that tax year and c are not profits of a trade, profession or vocation carried on wholly outside the United Kingdom.

2 Class 4 contributions in respect of profits ... shall be payable—

a in the same manner as any income tax which is, or would be, chargeable in respect of those profits ... (whether or not income tax in fact falls to be paid),

and b by the person on whom the income tax is (or would be) charged, in accordance with assessments made from time to time under the Income Tax Acts.

3 The amount of a Class 4 contribution under this section for any tax year is equal to the aggregate of—

a the main Class 4 percentage of so much of the profits ... referred to in subsection (1) above (computed in accordance with Schedule 2 to this Act) as exceeds £12,570 but does not exceed £50,270 ;

and b the additional Class 4 percentage of so much of those profits ... as exceeds £50,270 ; but the figures specified in this subsection are subject to alteration under section 141 of the Administration Act. 3ZA For the purposes of this Act—

a the main Class 4 percentage is 6% ;

and b the additional Class 4 percentage is 2 per cent; but the main Class 4 percentage is subject to alteration under section 143 of the Administration Act. 3A Where income tax is (or would be) charged on a member of a limited liability partnership in respect of profits ... arising from the carrying on of a trade or profession by the limited liability partnership, Class 4 contributions shall be payable by him if they would be payable were the trade or profession carried on in partnership by the members. 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 For the purposes of this section the year of assessment which corresponds to a tax year is the year of assessment (within the meaning of the Tax Acts) which consists of the same period as that tax year.