4. In section 115B of the Social Security Administration (Northern Ireland) Act 1992 (liability of directors, etc. for company’s contributions)(1)—
(a)in subsection (5) for “at the prescribed rate” substitute “at the Class 1 rate on the Class 1 element of the specified sums, and otherwise at the prescribed rate,”;
(b)in subsection (7)(c) after “interest on it” insert “at the Class 1 rate on the Class 1 element of it and otherwise”; and
(c)in subsection (9)—
(i)before the definition of “contributions” insert—
““the Class 1 rate”—
in subsection (5) means the rate from time to time applicable under section 103(1) of the Finance Act 2009; and
in subsection (7)(c) means the rate from time to time applicable under section 103(2) of that Act;
“the Class 1 element”, in relation to any amount, means so much of that amount as is calculated by—
multiplying that amount by so much of the specified amount as consists of Class 1 contributions; and
dividing the product of that multiplication by the specified amount;”; and
(ii)in the definition of “contributions” after “in respect of contributions” insert “(and accordingly, in the definition of “the Class 1 element” given by this subsection, “Class 1 contributions” includes any interest or penalty in respect of Class 1 contributions)”.
1992 c. 8. Section 115B was inserted by article 60 of S.I. 1998/1506 (N.I. 10) and has been amended by section 6 of the National Insurance Contributions and Statutory Payments Act 2004 and by paragraph 9 of Schedule 4 to S.I. 1999/671.