3. In the principal Regulations, in the Third Schedule —(a) | in paragraph 1, replace “the relevant year beginning 1 January 2020 and for every subsequent relevant year” with “each relevant year in the period beginning on 1 January 2020, 1 January 2021 or 1 January 2022”; and | (b) | after paragraph 1, insert —“2. | For the relevant year beginning 1 January 2023, the value of P in the formula in regulation 11(1) for computing the estimated contribution for a self‑employed person is as follows, rounded down to the nearest dollar:Self‑employed person’s estimated annual income for the relevant year |
| | Self‑employed person who has not attained 35 years of age on 1 January of the relevant year |
| | Self‑employed person who has attained 35 years of age but has not attained 45 years of age on 1 January of the relevant year |
| | Self‑employed person who has attained 45 years of age but has not attained 50 years of age on 1 January of the relevant year |
| | Self‑employed person who has attained 50 years of age on 1 January of the relevant year |
| | | | | | | | | | | | | | | | | | | Exceeding $6,000 but not exceeding $12,000 |
| | An amount equal to 4% of the self‑employed person’s estimated annual income for that year. |
| | An amount equal to 4.5% of the self‑employed person’s estimated annual income for that year. |
| | An amount equal to 5% of the self‑employed person’s estimated annual income for that year. |
| | An amount equal to 5.25% of the self‑employed person’s estimated annual income for that year. |
| Exceeding $12,000 but not exceeding $18,000 |
| | An amount equal to the sum of $480 and 0.16 of the difference between the self‑employed person’s estimated annual income for that year and $12,000. |
| | An amount equal to the sum of $540 and 0.18 of the difference between the self‑employed person’s estimated annual income for that year and $12,000. |
| | An amount equal to the sum of $600 and 0.20 of the difference between the self‑employed person’s estimated annual income for that year and $12,000. |
| | An amount equal to the sum of $630 and 0.21 of the difference between the self‑employed person’s estimated annual income for that year and $12,000. |
| | | An amount equal to 8% of the self‑employed person’s estimated annual income for that year, subject to a maximum of $5,856. |
| | An amount equal to 9% of the self‑employed person’s estimated annual income for that year, subject to a maximum of $6,588. |
| | An amount equal to 10% of the self‑employed person’s estimated annual income for that year, subject to a maximum of $7,320. |
| | An amount equal to 10.5% of the self‑employed person’s estimated annual income for that year, subject to a maximum of $7,686. |
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3. | For the relevant year beginning 1 January 2024, the value of P in the formula in regulation 11(1) for computing the estimated contribution for a self‑employed person is as follows, rounded down to the nearest dollar:Self‑employed person’s estimated annual income for the relevant year |
| | Self‑employed person who has not attained 35 years of age on 1 January of the relevant year |
| | Self‑employed person who has attained 35 years of age but has not attained 45 years of age on 1 January of the relevant year |
| | Self‑employed person who has attained 45 years of age but has not attained 50 years of age on 1 January of the relevant year |
| | Self‑employed person who has attained 50 years of age on 1 January of the relevant year |
| | | | | | | | | | | | | | | | | | | Exceeding $6,000 but not exceeding $12,000 |
| | An amount equal to 4% of the self‑employed person’s estimated annual income for that year. |
| | An amount equal to 4.5% of the self‑employed person’s estimated annual income for that year. |
| | An amount equal to 5% of the self‑employed person’s estimated annual income for that year. |
| | An amount equal to 5.25% of the self‑employed person’s estimated annual income for that year. |
| Exceeding $12,000 but not exceeding $18,000 |
| | An amount equal to the sum of $480 and 0.16 of the difference between the self‑employed person’s estimated annual income for that year and $12,000. |
| | An amount equal to the sum of $540 and 0.18 of the difference between the self‑employed person’s estimated annual income for that year and $12,000. |
| | An amount equal to the sum of $600 and 0.20 of the difference between the self‑employed person’s estimated annual income for that year and $12,000. |
| | An amount equal to the sum of $630 and 0.21 of the difference between the self‑employed person’s estimated annual income for that year and $12,000. |
| | | An amount equal to 8% of the self‑employed person’s estimated annual income for that year, subject to a maximum of $6,528. |
| | An amount equal to 9% of the self‑employed person’s estimated annual income for that year, subject to a maximum of $7,344. |
| | An amount equal to 10% of the self‑employed person’s estimated annual income for that year, subject to a maximum of $8,160. |
| | An amount equal to 10.5% of the self‑employed person’s estimated annual income for that year, subject to a maximum of $8,568. |
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4. | For the relevant year beginning 1 January 2025, the value of P in the formula in regulation 11(1) for computing the estimated contribution for a self‑employed person is as follows, rounded down to the nearest dollar:Self‑employed person’s estimated annual income for the relevant year |
| | Self‑employed person who has not attained 35 years of age on 1 January of the relevant year |
| | Self‑employed person who has attained 35 years of age but has not attained 45 years of age on 1 January of the relevant year |
| | Self‑employed person who has attained 45 years of age but has not attained 50 years of age on 1 January of the relevant year |
| | Self‑employed person who has attained 50 years of age on 1 January of the relevant year |
| | | | | | | | | | | | | | | | | | | Exceeding $6,000 but not exceeding $12,000 |
| | An amount equal to 4% of the self‑employed person’s estimated annual income for that year. |
| | An amount equal to 4.5% of the self‑employed person’s estimated annual income for that year. |
| | An amount equal to 5% of the self‑employed person’s estimated annual income for that year. |
| | An amount equal to 5.25% of the self‑employed person’s estimated annual income for that year. |
| Exceeding $12,000 but not exceeding $18,000 |
| | An amount equal to the sum of $480 and 0.16 of the difference between the self‑employed person’s estimated annual income for that year and $12,000. |
| | An amount equal to the sum of $540 and 0.18 of the difference between the self‑employed person’s estimated annual income for that year and $12,000. |
| | An amount equal to the sum of $600 and 0.20 of the difference between the self‑employed person’s estimated annual income for that year and $12,000. |
| | An amount equal to the sum of $630 and 0.21 of the difference between the self‑employed person’s estimated annual income for that year and $12,000. |
| | | An amount equal to 8% of the self‑employed person’s estimated annual income for that year, subject to a maximum of $7,104. |
| | An amount equal to 9% of the self‑employed person’s estimated annual income for that year, subject to a maximum of $7,992. |
| | An amount equal to 10% of the self‑employed person’s estimated annual income for that year, subject to a maximum of $8,880. |
| | An amount equal to 10.5% of the self‑employed person’s estimated annual income for that year, subject to a maximum of $9,324. |
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5. | For the relevant year beginning 1 January 2026 and every subsequent relevant year, the value of P in the formula in regulation 11(1) for computing the estimated contribution for a self‑employed person is as follows, rounded down to the nearest dollar:Self‑employed person’s estimated annual income for the relevant year |
| | Self‑employed person who has not attained 35 years of age on 1 January of the relevant year |
| | Self‑employed person who has attained 35 years of age but has not attained 45 years of age on 1 January of the relevant year |
| | Self‑employed person who has attained 45 years of age but has not attained 50 years of age on 1 January of the relevant year |
| | Self‑employed person who has attained 50 years of age on 1 January of the relevant year |
| | | | | | | | | | | | | | | | | | | Exceeding $6,000 but not exceeding $12,000 |
| | An amount equal to 4% of the self‑employed person’s estimated annual income for that year. |
| | An amount equal to 4.5% of the self‑employed person’s estimated annual income for that year. |
| | An amount equal to 5% of the self‑employed person’s estimated annual income for that year. |
| | An amount equal to 5.25% of the self‑employed person’s estimated annual income for that year. |
| Exceeding $12,000 but not exceeding $18,000 |
| | An amount equal to the sum of $480 and 0.16 of the difference between the self‑employed person’s estimated annual income for that year and $12,000. |
| | An amount equal to the sum of $540 and 0.18 of the difference between the self‑employed person’s estimated annual income for that year and $12,000. |
| | An amount equal to the sum of $600 and 0.20 of the difference between the self‑employed person’s estimated annual income for that year and $12,000. |
| | An amount equal to the sum of $630 and 0.21 of the difference between the self‑employed person’s estimated annual income for that year and $12,000. |
| | | An amount equal to 8% of the self‑employed person’s estimated annual income for that year, subject to a maximum of $7,680. |
| | An amount equal to 9% of the self‑employed person’s estimated annual income for that year, subject to a maximum of $8,640. |
| | An amount equal to 10% of the self‑employed person’s estimated annual income for that year, subject to a maximum of $9,600. |
| | An amount equal to 10.5% of the self‑employed person’s estimated annual income for that year, subject to a maximum of $10,080. |
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