{
  "url": "https://openlegislation.uk/social-security-contributions-amendment-no-6-regulations-1996/regulation-4",
  "json_url": "https://openlegislation.uk/social-security-contributions-amendment-no-6-regulations-1996/regulation-4.json",
  "legislation": "uksi/1996/3031",
  "legislation_title": "The Social Security (Contributions) Amendment (No. 6) Regulations 1996",
  "legislation_url": "https://openlegislation.uk/social-security-contributions-amendment-no-6-regulations-1996",
  "path": "regulation/4",
  "kind": "regulation",
  "number": "4",
  "heading": "Amendment of regulation 19 of the principal Regulations",
  "text": "In regulation 19 of the principal Regulations (payments to be disregarded) —\n(a) for sub-paragraphs (1)(l) and (m) there shall be substituted the following sub-paragraphs —\n“(l) a payment by way of shares where such shares —\n(i) form part of the ordinary share capital of —\n(aa) the secondary contributor; or\n(bb) a company which has control of that secondary contributor; or\n(cc) a company which either is, or has control of, a body corporate which is a member of a consortium owning either that secondary contributor or a body corporate having control of that secondary contributor; and\n(ii) are either —\n(aa) appropriated under a profit sharing scheme to which the provisions of section 186 of the Income and Corporation Taxes Act 1988 (approved) profit sharing schemes) apply; or\n(bb) non-tradeable shares;\n(m) a payment by way of an option to acquire shares where such option is —\n(i) a right obtained in accordance with the provisions of a scheme approved under Schedule 9 to the Income and Corporation Taxes Act 1988 for the purposes of section 185 of that Act (approved share option schemes); or\n(ii) a right to acquire shares which are non-tradeable shares and is a non-tradeable option”;\n(b) paragraph (7)(f) shall be omitted;\n(c) at the end of paragraph (7) there shall be added the following sub-paragraph —\n“(g) a payment by way of shares appropriated under a profit sharing scheme to which the provisions of section 186 of the Income and Corporation Taxes Act 1988 (approved profit sharing schemes) apply includes a payment derived from such shares.”;\n(d) after paragraph (7) there shall be inserted the following paragraph —\n“(7A) For the purposes of paragraphs (1)(l) and (m) of this regulation —\n(a) a share or option is non-tradeable if at the time when the payment is made, that share or option is incapable of being sold or otherwise realised on a recognised investment exchange within the meaning of the Financial Services Act 1986 and no trading arrangements exist in respect of it;\n(b) “shares” include stock.”",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "The relevant amending instrument is S.I. 1991/2505."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "1988 c. 1."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "1986 c. 60."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/3031/regulation/4",
    "retrieved_at": "2026-10-29T12:30:54.690779+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."
}