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.
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© 2013 Fiscal Services Ltd
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Sinclair, W., Lipkin, B. (2013). Social security. In: Tax Guide 2013–2014. Palgrave Macmillan, London. https://doi.org/10.1057/9781137315298_25
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DOI: https://doi.org/10.1057/9781137315298_25
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-32725-6
Online ISBN: 978-1-137-31529-8
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