Commentary on provisions of Act Section 3: Removal of requirement to pay Class 2 contributions
Section 3 amends section 11 SSCBA 1992 to remove the obligation on persons to pay Class 2 contributions where their earnings exceed the lower profits threshold. The small profits threshold is retained, with the result that self-employed persons with profits from a trade, profession or vocation above it will be treated as having paid Class 2 NICs. The section makes equivalent provisions for Northern Ireland by amending SSCB(NI)A 1992. The amendments take effect from 6 April 2024.