Payment and computation of contributions for relevant year starting on or after 1 January 2023
7A.—(1) This regulation applies to the contributions payable by a self-employed person for each relevant year starting on or after 1 January 2023.
(2) A self-employed person must pay the contributions for each relevant year not later than —
(a)
30 days after the date of issue of the notice of computation for the relevant year; or
(b)
where the Board specifies an extended period of payment for the contributions for a relevant year — the end of that extended period.
(3) The contributions for a relevant year may be paid in instalments, so long as the total amount of those contributions is paid not later than the time of payment applicable to those contributions under paragraph (2).
(4) The notice of computation must state the amount of the contributions payable by the self-employed person for the relevant year —
(a)
as computed on the basis of the self-employed person’s income for the relevant year stated in a notice of assessment in respect of that income; or
(b)
as recomputed under paragraph (5).
(5) The Board may in its discretion recompute the amount of contributions payable by a self-employed person for a relevant year if the Board is satisfied that the self-employed person is liable to pay an amount other than the relevant amount specified in a notice of computation that was previously issued to the self-employed person, after taking into account —
(a)
any notice of assessment;
(b)
any notice of additional assessment or notice of revised assessment issued by the Comptroller under section 74 or 76 of the Income Tax Act 1947; or
(c)
any information or supporting documents that the Board may require, given by the self-employed person to the Board in the manner the Board requires,
in respect of the self-employed person’s income for the relevant year.