{
  "url": "https://openlegislation.uk/social-security-contributions-amendment-no-4-regulations-2004/regulation-5",
  "json_url": "https://openlegislation.uk/social-security-contributions-amendment-no-4-regulations-2004/regulation-5.json",
  "legislation": "uksi/2004/2096",
  "legislation_title": "The Social Security (Contributions) (Amendment No. 4) Regulations 2004",
  "legislation_url": "https://openlegislation.uk/social-security-contributions-amendment-no-4-regulations-2004",
  "path": "regulation/5",
  "kind": "regulation",
  "number": "5",
  "heading": "Amendments to the Social Security (Contributions) Regulations 2001",
  "text": "In Schedule 2 (calculation of earnings for the purposes of earnings-related contributions) for paragraph 7 substitute—\n“7. (1) The amount of earnings comprised in any payment by way of the conferment of—\n(a) a convertible interest in securities;\n(b) a restricted interest in securities; or\n(c) an interest in convertible or restricted securities,\nfalling to be taken into account in computing a person’s earnings from employed earner’s employment shall be computed in the same manner, and shall be taken into account at the same time, as applies under Chapters 1 to 5 of Part 7 of ITEPA 2003, for the purpose of computing his employment income.\nThis is subject to the following qualification.\n(2) For the purpose of sub-paragraph (1) no account shall be taken of any relief obtained under sections 428A or 442A of ITEPA 2003 (relief for secondary Class 1 contributions met by employee).”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Paragraph 7 was substituted by regulation 7(3) of S.I. 2003/2085."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Chapters 1 to 5 of Part 7 of ITEPA 2003 have been amended by Schedule 22 to the Finance Act 2003 (c. 14)."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "Sections 428A and 442A of ITEPA 2003 were inserted by paragraphs 1(3) and 2(3) of Schedule 16 to the Finance Act 2004 (c. 12)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2004/2096/regulation/5",
    "retrieved_at": "2026-10-29T05:20:21.461486+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}