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The Social Security (Contributions) Amendment (No. 4) Regulations 1998

Type Statutory-Instrument
Publication 1998-09-21
State In force
Department Queen's Printer of Acts of Parliament
Source legislation.gov.uk
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Made: 21st September 1998

Laid before Parliament: 21st September 1998

Coming into force: 22nd September 1998

The Secretary of State for Social Security, in exercise of powers conferred by sections 3(3), 122(1) and 175(1) to (3) of the Social Security Contributions and Benefits Act 19921, and of all other powers enabling him in that behalf, after agreement by the Social Security Advisory Committee that proposals to make the Regulations should not be referred to it2, hereby makes the following Regulations:

Citation, commencement and interpretation

1

Amendment of regulation 19 of the principal Regulations

2

In regulation 19 of the principal Regulations (payments to be disregarded) before paragraph (1)(n)4, insert–

(mm) a payment which comprises any gain on which the earner is chargeable to tax by virtue of section 135 of the Income and Corporation Taxes Act 1988 (gains by directors and employees from share options)5;

Signed

Signed by authority of the Secretary of State for Social Security.

Stephen C. Timms — Parliamentary Under-Secretary of State, — Department of Social Security — 21st September 1998

Explanatory note

(This note is not part of the Regulations)

These Regulations further amend the Social Security (Contributions) Regulations 1979 (“the principal Regulations”), which make provision for the assessment and collection of contributions payable under Part I of the Social Security Contributions and Benefits Act 1992.

Regulation 2 amends regulation 19(1) of the principal Regulations (which specifies payments which are to be disregarded when calculating a person’s earnings) by inserting a new sub-paragraph (mm) relating to any gain from share options which is chargeable to tax by virtue of section 135 of the Income and Corporation Taxes Act 1988.

Because these Regulations are made in consequence of a defect in the Social Security Act 1998 (Commencement No. 1) Order 1998 (S.I. 1998/2209 (C.47)) as it relates to the date on which section 50(1) of the Social Security Act 1998 is brought fully into force, a copy of this Instrument is being issued free of charge to all known recipients of that Order.

These Regulations impose no costs on business.

Footnotes

1

1992 c. 4. Section 122(1) is cited because of the meaning ascribed to the word “prescribe”.

2

See section 173(1)(b) of the Social Security Administration Act 1992 (c. 5).

3

S.I. 1979/591; the relevant amending instruments are S.I. 1991/2505 and 1998/2211.

4

Sub-paragraph (n) was added by regulation 3(4) of S.I. 1991/2505.

5

1988 c. 1. See also section 4(4) of the Social Security Contributions and Benefits Act 1992, as substituted by section 50(1) of the Social Security Act 1998 (c. 14).

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