The Social Security (Contributions) Amendment (No. 4) Regulations 1995

• Citation: S.I. 1995/1003
• Sections: 3

Section 1 Citation, commencement and interpretation

(1) These Regulations may be cited as the Social Security (Contributions) Amendment (No. 4) Regulations 1995 and shall come into force on 6th April 1995.

(2) In these Regulations “the principal Regulations ” means the Social Security (Contributions) Regulations 1979 .

Section 2 Amendment of regulation 18 of the principal Regulations

In regulation 18 of the principal Regulations (calculation of earnings) —

(a) in paragraph (2) for the words“or (8)” there shall be substituted the words “, (8) or (9)”;

(b) after paragraph (8) there shall be added the following paragraph—

(9) The amount of earnings which is comprised in any payment by way of the conferment of a beneficial interest in any asset, including any voucher, falling within paragraph 9C of Schedule 1A to these Regulations and which falls to be taken into account in the computation of a person’s earnings shall, for the purposes of earnings-related contributions, be calculated or estimated by reference to the amount obtainable under the trading arrangements in question as if that amount were obtained on the day on which the beneficial interest was conferred.

Section 3 Amendment of Schedule 1A to the principal Regulations

In Schedule 1A to the principal Regulations (assets not to be disregarded as payments under regulation 19(1)(d)) —

(a) after paragraph 9B there shall be inserted the following paragraph—

(9C) Any other asset, including any voucher, for which trading arrange-ments exist and any voucher capable of being exchanged for such an asset.

(b) in paragraph 16 after the words “paragraph 9B” there shall be inserted the words “or 9C”;

(c) after paragraph 18 there shall be added the following paragraph—

(19) For the purposes of paragraph 9C of this Schedule “trading arrangements” has the meaning assigned to it in section 203K(2)(a) of the Income and Corporation Taxes Act 1988 .