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National Insurance Contributions Bill |
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[The page and line references are to HL Bill 28, the bill as first printed for the Lords.] |
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1 | Page 1, line 4, leave out from “(1),” to “, and” and insert “for the words from “those |
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| | limits” in the second place where they appear to the end substitute “the upper |
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| | earnings limit from 2010-11, shall be made in accordance with section 5A below.”” |
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2 | Page 1, line 5, at end insert— |
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| | “( ) | After section 5 of that Act insert— |
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| | “5A | Amount to be specified as upper earnings limit |
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| | (1) | This section applies for 2010-11 and subsequent tax years if the |
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| | retail prices index for the September before the start of the tax year |
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| | is higher than it was for the previous September. |
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| | (2) | The upper earnings limit may be increased to an amount which |
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| | does not exceed the amount found as follows— |
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| | |
| | | Increase the upper earnings limit for the previous tax year by the |
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| | same percentage as the percentage increase in the retail prices |
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| | | If the result of Step 1 is not a multiple of £1, round it up to the |
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| | nearest amount which is a multiple of £1. |
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| | | Add to or deduct from the result of Step 2 an amount not exceeding |
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| | £2 determined by the Secretary of State for the purposes of aligning |
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| | the upper earnings limit on an annual basis with the sum of the |
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| | personal allowance and the basic rate limit under sections 20 and 35 |
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| | of the Income Tax Act 2007 for the tax year.”” |
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3 | Page 1, line 17, leave out from “(1),” to “, and” and insert “for the words from “those |
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| | limits” in the second place where they appear to the end substitute “the upper |
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| | earnings limit from 2010-11, shall be made in accordance with section 5A below.”” |
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4 | Page 1, line 18, at end insert— |
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| | “( ) | After section 5 of that Act insert— |
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| | “5A | Amount to be specified as upper earnings limit |
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| | (1) | This section applies for 2010-11 and subsequent tax years if the |
|
| | retail prices index for the September before the start of the tax year |
|
| | is higher than it was for the previous September. |
|
| | (2) | The upper earnings limit may be increased to an amount which |
|
| | does not exceed the amount found as follows— |
|
| | |
| | | Increase the upper earnings limit for the previous tax year by the |
|
| | same percentage as the percentage increase in the retail prices |
|
| | |
| | |
| | | If the result of Step 1 is not a multiple of £1, round it up to the |
|
| | nearest amount which is a multiple of £1. |
|
| | |
| | | Add to or deduct from the result of Step 2 an amount not exceeding |
|
| | £2 determined by the Secretary of State for the purposes of aligning |
|
| | the upper earnings limit on an annual basis with the sum of the |
|
| | personal allowance and the basic rate limit under sections 20 and 35 |
|
| | of the Income Tax Act 2007 for the tax year.”” |
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