Explanatory note

These Regulations amend the Social Security (Contributions) Regulations 2001 (S.I. 2001/1004) (“the principal Regulations”) which make provision for the assessment, charge, collection and recovery of national insurance contributions.

Regulation 1 provides that these Regulations have effect in relation to amounts which are due and payable in respect of the tax year 2014-15 and subsequent tax years. As a consequence, these Regulations have effect in relation to payments which are due to Her Majesty’s Revenue and Customs on, or after, 19th May 2014.

Regulation 2 makes amendments to Part 3 of Schedule 4 to the principal Regulations as a consequence of the charging of interest on national insurance contributions not paid by the due date and the payment of repayment interest on amounts overpaid in accordance with sections 101 and 102 of the Finance Act 2009 (c. 10). The amendments in paragraphs (a), (b) and (c) insert new sub-paragraphs into paragraphs 10, 11 and 11ZA respectively and make provision for the date from which repayment interest will be due where an overpayment arises as a consequence of a correction in a return either during the tax year to which the return relates or after the end of the tax year in question.

A Tax Information and Impact Note has not been prepared for this Instrument as it gives effect to previously announced policy.