Commentary on provisions of Act Section 1: Reduction of Class 1 main primary percentage
Section 1 amends section 8(2)(a) SSCBA 1992 to reduce the main primary percentage of Class 1 NICs paid by employees from 12% to 10%. The section makes equivalent provisions for Northern Ireland by amending SSCB(NI)A 1992. The section also reduces the reduced rate that applies in relation to a historic class of married women and widows. The amendments take effect from 6 January 2024.
	Section 2: Reduction of main Class 4 percentage
	Section 2 amends section 15(3ZA)(a) SSCBA 1992 to reduce the main Class 4 percentage paid by the self-employed from 9% to 8%. The section makes equivalent provisions for Northern Ireland by amending SSCB(NI)A 1992. The amendments take effect from 6 April 2024.