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The Social Security (Contributions) (Amendment No. 5) Regulations (Northern Ireland) 1998

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Amendment of regulation 18 of the Social Security (Contributions) Regulations

2.  In regulation 18 of the Social Security (Contributions) Regulations (Northern Ireland) 1979(1) (calculation of earnings)—

(a)after paragraph (2)(2) there shall be inserted the following paragraphs—

(2A) Paragraph (2) of this regulation shall apply to shares in a body corporate which are capable of being acquired pursuant to an option, or a voucher capable of being exchanged for such an option, where those shares, that option or that voucher are a readily convertible asset.

(2B) For the purposes of paragraphs (2A), (5A) and (9A) of this regulation, “body corporate” includes—

(a)a body corporate constituted under the law of a country or territory outside the United Kingdom; and

(b)an unincorporated association wherever constituted,

but does not include a partnership, a local authority within the meaning of section 842A of the Income and Corporation Taxes Act 1988(3) or a local authority association within the meaning of section 519(4) of that Act.;

(b)after paragraph (5)(5) there shall be inserted the following paragraph—

(5A) Paragraph (4)(6) of this regulation shall apply to shares in a body corporate which are capable of being acquired pursuant to an option, or a voucher capable of being exchanged for such an option, where those shares, that option or that voucher are a readily convertible asset.;

(c)in paragraph (9)(7) for “The amount” there shall be substituted “Subject to paragraphs (2A), (5A) and (9A) of this regulation, the amount”;

(d)after paragraph (9) there shall be inserted the following paragraph–

(9A) Paragraph (9) of this regulation does not apply to an option to acquire shares in a body corporate or a voucher capable of being exchanged for such an option, where those shares, that option or that voucher are a readily convertible asset..

(1)

S.R. 1979 No. 186; relevant amending regulations are S.R. 1991 No. 490, S.R. 1996 No. 566 and S.R. 1998 No. 317

(2)

Paragraph (2) was added by S.R. 1991 No. 490 and amended by S.R. No. 566.

(3)

1988 c. 1; section 842A was inserted by section 127(1) of the Finance Act 1990 (c. 29) and amended by paragraph 53(c) of Schedule 9 to the Police Act 1997 (c. 50)

(4)

Section 519 was amended by Part IV of Schedule 19 to the Finance Act 1990

(5)

Paragraph (5) was added by S.R. 1991 No. 490

(6)

Paragraph (4) was added by S.R. 1991 No. 490

(7)

Paragraph (9) was substituted by S.R. 1998 No. 317

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