Regulation 7 Amendments to the Social Security (Contributions) Regulations 2001

in paragraph 6(3) for “share option gains” substitute “relevant employment income”;

for paragraph 8 and the heading preceding it substitute—

“Records where liability transferred from secondary contributor to employed earner: relevant employment income

8.

Where an election has been made for the purposes of paragraph 3B(1) of Schedule 1 to the Act (elections about transfer of liability for secondary contributions in respect of relevant employment income), the secondary contributor shall maintain records containing—

(a)

a copy of any such election;

(b)

a copy of the notice of approval issued by the Inland Revenue under paragraph 3B(1)(b) of that Schedule;

(c)

the name and address of the secondary contributor who has entered into the election;

(d)

the name of the employed earner; and

(e)

the national insurance number allocated to the employed earner.”;

in paragraph 21(1)(a) for “a gain” to the end substitute “relevant employment income; and”; and

for the heading preceding paragraph 23^f2 substitute—

“Additional return by employer at end of year where liability transferred to employed earner: elections under paragraph 3B(1) of Schedule 1 to the Act.”; and

in paragraph 23(1)(a) for “a gain” to the end substitute “relevant employment income; and”.