The Social Security (Contributions) (Amendment No. 4) Regulations 2004

Amendments to the Social Security (Contributions) Regulations 2001

7.  In Part 2 of Schedule 4 (provisions derived from the Income Tax Acts and the Income Tax (Pay As You Earn) Regulations 2003)(1)—

(a) in paragraph 6(3) for “share option gains” substitute “relevant employment income”;

(b) for paragraph 8 and the heading preceding it substitute—

“Records where liability transferred from secondary contributor to employed earner: relevant employment income

8.   Where an election has been made for the purposes of paragraph 3B(1) of Schedule 1 to the Act (elections about transfer of liability for secondary contributions in respect of relevant employment income), the secondary contributor shall maintain records containing—

(a) a copy of any such election;

(b) a copy of the notice of approval issued by the Inland Revenue under paragraph 3B(1)(b) of that Schedule;

(c) the name and address of the secondary contributor who has entered into the election;

(d) the name of the employed earner; and

(e) the national insurance number allocated to the employed earner.”;

(c) in paragraph 21(1)(a) for “a gain” to the end substitute “relevant employment income; and”; and

(d) for the heading preceding paragraph 23(2) substitute—

“Additional return by employer at end of year where liability transferred to employed earner: elections under paragraph 3B(1) of Schedule 1 to the Act.”; and

(e) in paragraph 23(1)(a) for “a gain” to the end substitute “relevant employment income; and”.

(1)

The heading of Schedule 4 was substituted by regulation 29 of S.I. 2004/770.

(2)

Paragraph 23 of Schedule 4 was amended by regulation 14(3) of S.I. 2003/2085.