The National Insurance Contributions Act 2006 (c. 10) is an act of the Parliament of the United Kingdom. It amends the law relating to national insurance contributions. Its precursor was an announcement made in the Paymaster General's Pre-Budget Report 2004.Explanatory notes, paragraph 3
Provisions The act allowed national insurance contributions to include retrospective tax charges (or liability) from 2 December 2004 and onwards.
The act included measures targeting those using complicated schemes to avoid national insurance contributions and tax: largely from bonuses paid in the financial services industry.
HM Revenue and Customs estimated that the act would secure £95 million in national insurance contributions for the financial year 2004-05 and £240 million per annum in subsequent years.Regulatory Impact Assessment for the National Insurance Contributions Bill. HMRC. Page 12.
Notes
References John Walters. "National Insurance Contributions Act 2006". Current Law Statutes Annotated 2006. Sweet & Maxwell. London. W Green. Edinburgh. 2006. Volume 1. Chapter 10. pp 10-1 to 10-17. Halsbury's Statutes,
External links
Explanatory notes to the National Insurance Contributions Act 2006.