Regulation 7 Payments to be disregarded in the calculation of earnings for the purposes of earnings-related contributions

In Part 10 of Schedule 3 (payments to be disregarded in the calculation of earnings for the purposes of earnings-related contributions: miscellaneous and supplemental) insert the following after paragraph 2—

“Payments connected to amounts within regulation 22B

2A.

(1)

A payment (“A”) the subject of which represents, or arises or derives (whether wholly or partly or directly or indirectly) from, an amount (“B”) treated as remuneration under regulation 22B which has previously been included in an employed earner’s earnings for the purposes of assessing earnings-related contributions.

(2)

Paragraph (1) does not apply to the extent that A exceeds B.

(3)

For the purposes of determining whether paragraph (1) applies, A is to be treated as including the value of any payment made before A which represents, or arises or derives (whether wholly or partly or directly or indirectly) from, B.”.