# National Insurance Contributions (Reduction in Rates) Act 2023, Section 1: Reduction of Class 1 main primary percentage

Extent: E+W+S+N.I.

(1) In the Social Security Contributions and Benefits Act 1992, in section 8(2)(a) (main primary percentage), for “12 per cent” substitute “10%”.
(2) In the Social Security Contributions and Benefits (Northern Ireland) Act 1992, in section 8(2)(a) (main primary percentage), for “12 per cent” substitute “10%”.
(3) In regulation 131 of the Social Security (Contributions) Regulations 2001—
(a) omit “On and after 6th April 2011”, and
(b) for “5.85 per cent” substitute “3.85%”.
(4) The amendments made by this section come into force on 6 January 2024.

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Source: https://www.legislation.gov.uk/ukpga/2023/57/section/1 (the official version)
Page: https://openlegislation.uk/national-insurance-contributions-reduction-in-rates-act-2023/section-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.