The Social Security (Class 2 National Insurance Contributions Increase of Threshold) Regulations 2022
These Regulations amend section 11 of the Social Security Contributions and Benefits Act 1992 (c. 4) and of the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7) (“the Acts”) to introduce a new threshold for profits of self-employed individuals above which Class 2 National Insurance contributions (“NICs”) become payable (“the lower profits threshold”). Self-employed individuals with profits at or above the existing small profits threshold and which do not exceed the lower profits threshold are treated as having paid Class 2 NICs. Consequential amendments are made to secondary legislation for Great Britain (“GB”) and Northern Ireland (“NI”) so that those treated as having paid are eligible for benefits as if they had actually paid.