|
National Insurance
Table D
Rates and limits for 2003/04
|
| |
Class 1
|
Weekly
|
Monthly
|
Yearly
|
Primary Threshold - employees
|
£89
|
£385
|
£4,615
|
Upper Earnings Limit - employees
|
£595
|
£2,579
|
£30,940
|
Secondary Threshold - employers
|
£89
|
£385
|
£4,615
|
|
| |
Employer's Contribution
|
Contracted In
|
Contracted Out
|
|
|
Salary Related Scheme
|
Money Purchase Scheme
|
On earnings up to threshold
|
Nil
|
Nil
|
Nil
|
On earnings between threshold and upper earnings limit
|
12.8%
|
9.3%
|
11.8%
|
On earnings above upper earnings limit
|
12.8%
|
12.8%
|
12.8%
|
|
| |
Employee's Contribution
|
Contracted in: 11% on earnings between lower and upper
limits, 1% above upper limit.
Contracted Out: 9.4% on earnings between lower and upper
limits, 1% above upper limit.
Earnings over £77 pw qualify for benefit, and must be
reported under PAYE, but no NICs are payable until earnings
exceed £89 per week.
The reduced Class 1 contributions payable by certain married
women and widows rises to 4.85% for earnings between £89
and £595 per week, 1% above £595 pw.
|
| |
Class 2 (Self-employed)
|
Earnings over £4,095 per year
|
£2.00 per week
|
Class 3 (Voluntary)
|
No limit applicable
|
£6.95 per week
|
Class 4 (Self-employed)
|
Profits between £4,615 and £30,940
|
8%
|
|
Profits above £30,940
|
1%
|
|
|
