The Social Security (Contributions) Regulations 2001

Additional return by employer at end of year where liability transferred to employed earner: share option gains

23.—(1) This paragraph applies where—

(a) secondary Class 1 contributions are payable in respect of a gain which is treated by section 4(4)(a) of the Act as remuneration derived from an employed earner’s employment; and

(b) an amount or proportion (as the case may be) of the liability of the secondary contributor for those contributions is transferred to the employed earner by an election made jointly by them for the purposes of paragraph 3B(1) of Schedule 1 to the Act.

(2) Not later than 92 days after the end of the year the employer shall deliver to the Inspector, in respect of each employed earner to whom any liability is transferred by the election, written particulars of the matters set out in sub-paragraph (3).

(3) The matters set out in this paragraph are—

(a) the amount of the contributions referred to in sub-paragraph (1)(a);

(b) the amount of the transferred liability; and

(c) the date on which payment of the amount of the transferred liability was made to the Collector.