Commentary on provisions of Act Section 1: Reduction in rates
Section 1(1)(a) amends section 8(2)(a) SSCBA 1992 to reduce the main primary percentage of Class 1 NICs paid by employees from 10% to 8%. Section 1(1)(b) makes equivalent provisions for Northern Ireland by amending SSCB(NI)A 1992.
	Section 1(3)(a) amends section 15(3ZA)(a) SSCBA 1992 to reduce the main Class 4 percentage paid by the self-employed to 6%. Section 1(3)(b) makes equivalent provisions for Northern Ireland by amending SSCB(NI)A 1992.
	Section 1(2) reduces the reduced rate that applies in relation to a historic class of married women and widows.
	Section 1(4) provides that section 2 of the National Insurance Contributions (Reduction in Rates) Act 2023 is superseded by section 1(3) and accordingly is to be treated as never having had effect. The current main Class 4 percentage is 9%. Section 2 of the National Insurance Contributions (Reduction in Rates) Act 2023 would have set the Class 4 NIC rate at 8% for the start of the 2024-25 tax year (if that section had not been superseded by section 1(3) of this Act).
	The amendments made by Section 1 take effect from 6 April 2024.