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

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Explanatory Note

(This note is not part of the Regulations)

These Regulations further amend the Social Security (Contributions) Regulations 1979 (“the principal Regulations”).

Regulation 2 amends regulation 18 of the principal Regulations by inserting new paragraphs. New paragraph (2A) provides that the provisions of paragraph (2) of regulation 18 of the principal Regulations shall apply to shares in a body corporate which are capable of being acquired pursuant to an option or a voucher exchangeable for such an option. New paragraph (2B) makes consequential provision for new paragraphs (2A), (5A) and (9A). New paragraph (5A) provides that the provisions of paragraph (4) of regulation 18 of the principal Regulations shall apply to shares in a body corporate which are capable of being acquired pursuant to an option or a voucher exchangeable for such an option. New paragraph (9A) excludes an option to acquire shares in a body corporate or a voucher exchangeable for such an option from the operation of paragraph (9) of regulation 18 of the principal Regulations.

These Regulations impose no costs on business.

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