# The Social Security Contributions (Deferred Payments and Interest) Regulations 2001, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations apply, with modifications, the provisions of section 107 of the Finance Act 2001 (“section 107”) for the purposes of Class 1, Class 1A and Class 1B social security contributions.
Regulation 1 provides for the citation and commencement of the Regulations.
Regulation 2 provides for the application of section 107 for the purposes of Class 1, Class 1A and Class 1B social security contributions, and specifies the modifications to the section for those purposes. Section 107 provides for interest not to be charged where, in the exercise of their powers of care and management, the Commissioners of Inland Revenue agree that, by reason of circumstances arising as a result of the outbreak of foot-and-mouth disease, the payment of tax may be deferred. As applied by regulation 2, the section provides that no interest shall be chargeable in respect of the period beginning with the date on which the Regulations come into force (or later, if the Commissioners so direct in the agreement) and ending with the date on which the agreement for deferred payment ceases to have effect. But for the Regulations, interest would be payable in respect of late paid Class 1 and Class 1B contributions by virtue of paragraph 17 of Schedule 4 to the Social Security (Contributions) Regulations 2001 (S.I. 2001/1004), and in respect of Class 1A contributions by virtue of regulation 76 of those Regulations.

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Source: https://www.legislation.gov.uk/uksi/2001/1818/note (the official version)
Page: https://openlegislation.uk/social-security-contributions-deferred-payments-and-interest-regulations-2001/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.