{
  "url": "https://openlegislation.uk/social-security-contributions-amendment-no-6-regulations-1991/note",
  "json_url": "https://openlegislation.uk/social-security-contributions-amendment-no-6-regulations-1991/note.json",
  "legislation": "uksi/1991/2505",
  "legislation_title": "The Social Security (Contributions) Amendment (No. 6) Regulations 1991",
  "legislation_url": "https://openlegislation.uk/social-security-contributions-amendment-no-6-regulations-1991",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations further amend the Social Security (Contributions) Regulations 1979 “the principal Regulations”.\nRegulation 2 extends regulation 18 (calculation of earnings) of the principal Regulations. The additions provide for computing, by reference to the open market value of the interest, the amount of earnings comprised in any payment in the form of a beneficial interest in any asset specified in Schedule 1A to the principal Regulations. For any payment in the form of a beneficial interest in any asset having a price listed in The Stock Exchange Daily Official List or in a unit trust having a published price the value is to be determined by reference to the appropriate listed or published price, except in certain circumstances.\nRegulation 3 amends regulation 19 (payments to be disregarded in the computation of earnings for the purposes of earnings-related contributions) of the principal Regulations.\nParagraph (4) of regulation 3 adds further disregards in the calculation of earnings to regulation 19(1) of the principal Regulations. These are of: payments in ordinary shares (including payments in or derived from shares appropriated under profit sharing schemes within section 186 of the Income and Corporation Taxes Act 1988) of the secondary contributor or in companies controlling the secondary contributor; payments in options to acquire such ordinary shares and payments in the form of benefits exempt from tax by virtue of section 68(1) of the Finance Act 1988 (benefits from priority share allocations).\nParagraph (5) of regulation 3 adds to regulation 19 of the principal Regulations provisions limiting the application of paragraph (1)(d). These limitations are that thatsub-paragraph shall not include any beneficial interest either in any asset specified inSchedule 1A to the principal Regulations or under any contract of insurance constituting Class I (life and annuity business), Class III (linked long term business) and Class VI (capital redemption business) under Schedule 1 to the Insurance Companies Act 1982. Contracts constituting both long term business and general business are to be treated as constituting long term business for this purpose.\nRegulation 5 inserts Schedule 1A to the principal Regulations.\nConsequential revocations are made of regulation 19(1)(j) and regulation 19C of the principal Regulations by regulations 3(3) and 4 respectively.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1991/2505/note",
    "retrieved_at": "2026-10-29T14:34:54.263282+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."
}