|
|
|
Calculation of certain rates of contribution applicable to part years
|
| |
9. Chapter 6 of Part 2 of the Principal Act is amended by the insertion of the following section after section 38B:
|
|
| |
“Calculation of certain rates of contribution applicable to part years
|
|
| |
38BA. (1) Subject to subsection (2), this section applies to a contribution payable under any of the following provisions:
|
|
| |
(a) section 21(1);
|
|
| |
(b) section 26(1);
|
|
| |
(c) section 29(1);
|
|
| |
(d) section 30F.
|
|
| |
(2) This section shall not apply to contributions payable on emoluments to which Chapter 4 of Part 42 of the Act of 1997 applies.
|
|
| |
(3) Where, by virtue of any amendment to this Act, a person is required to pay a contribution to which this section applies at different rates, or in different amounts, in two parts of a contribution year, the rate of the contribution payable by the person in respect of the contribution year shall be determined by the following formula—
|
|
| |
((A x C) + (B x D))/12
|
|
| |
where—
|
|
| |
A is the first rate,
|
|
| |
B is the second rate,
|
|
| |
C is the number of months (including part months) in the contribution year during which the first rate is effective in relation to the person, and
|
|
| |
D is the number of months (including part months) in the contribution year during which the second rate is effective in relation to the person.
|
|
| |
(4) In this section—
|
|
| |
‘contribution’ includes a reference to a contribution payable whether expressed as a euro amount, as a percentage of reckonable income or as a percentage of reckonable emoluments;
|
|
| |
‘first rate’ means the contribution effective in relation to a person from the first day of a contribution year until the day before the day on which the second rate becomes effective in relation to the person;
|
|
| |
‘second rate’ means the contribution effective in relation to a person on the last day of a contribution year.”.
|
