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

S.I. 1998/2320 · Made 21 September 1998

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

This Statutory Instrument has been made in consequence of a defect in S.I. 1998/2209 (C. 47) and is being issued free of charge to all known recipients of that Statutory Instrument.

SOCIAL SECURITY

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 1992f1, 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 itf2, hereby makes the following Regulations:

Annotations to the whole text

Footnotes

f1

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

f2

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

Contents

  1. 1Citation, commencement and interpretation
  2. 2Amendment of regulation 19 of the principal Regulations
  3. Signature
  4. Explanatory note

1Citation, commencement and interpretation

(1)

These Regulations may be cited as the Social Security (Contributions) Amendment (No. 4) Regulations 1998 and shall come into force on 22nd September 1998.

(2)

In these Regulations “the principal Regulations” means the Social Security (Contributions) Regulations 1979f1.

2Amendment of regulation 19 of the principal Regulations

In regulation 19 of the principal Regulations (payments to be disregarded) before paragraph (1)(n)f1, 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)f2;”.

Signature

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.