Overview of the Act
The Act deals with the following matters:
Increase in the Primary Threshold (PT) for Class 1 National Insurance contributions (NICs).
Increase in Lower Profits Limit (LPL) for Class 4 NICs.
Regulation making power to ensure the threshold for paying Class 2 NICs is equivalent to the LPL, and to make provisions for people whose profits for a tax year are at or less than the LPL to be treated as having made Class 2 contributions.