Commentary on provisions of Act Section 2: Annual maximum contributions
Section 2 amends S.I. 2001/1004. Section 2 amends the calculation of the annual maximum for the start of the 2024-25 tax year, as set out in regulations 21 and 100 of S.I. 2001/1004 to reflect the reduced main rates of primary Class 1 NICs and Class 4 NICs.
	Section 2(4) provides that paragraph 3 of the Schedule to the National Insurance Contributions (Reduction in Rates) Act 2023 is superseded by this section and accordingly is to be treated as never having had effect. Paragraph 3 of the National Insurance Contributions (Reduction in Rates) Act 2023 would have set the annual maximum specified in regulations 21 and 100 of S.I. 2001/1004 for the start of the 2024-25 tax year based on the rate reductions in that Act.