Moved by
Lord Davies of Brixton
5: After Clause 8, insert the following new Clause—
“Reimbursement of the National Insurance Fund
In section 2(2) of the Social Security Act 1993 (payments into National Insurance Fund out of money provided by Parliament)—
(a) after “not exceeding in aggregate” insert “—
(a) ”, and
(b) at the end insert “, and
(b) the reduction in secondary Class 1 contributions in that tax year arising from the provisions of section 1 and section 6 of the National Insurance Contributions Act 2022.””
Member’s explanatory statement
The new Clause is to probe whether it might be desirable for the Secretary of State to pay to the National Insurance Fund from the Consolidated Fund the reduction in contribution income that will be received by the National Insurance Fund due to the zero-rate relief in secondary Class 1 contributions introduced by the Bill for employers of Freeport employees and the employers of forces veterans.