Social security

Walter Sinclair and Barry Lipkin

Chapter Chapter 25 in St. James’s Place Wealth Management Tax Guide 2012–2013, 2012, pp 393-399 from Palgrave Macmillan

Abstract: Abstract The main social security legislation is now comprised in the Social Security Acts of 1992 and supporting statutory instruments and amendments. The subject is a wide one and only an outline is given below. Arguably, social security contributions are not a tax but their effect is very similar. Although ultimate benefits such as retirement pensions are secured, when you pay the contributions, you must normally do so out of your after-tax income. Social security contributions payments do not reduce your taxable income any more than do income tax payments.

Keywords: Pension Plan; Social Security Contribution; Retirement Pension; Statutory Instrument; Normal Weekly Earning (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-29080-9_25

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DOI: 10.1057/9781137290809_25

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