Regulation 8 Amendment of the principal Regulations

(1)

Regulation 19 (payments to be disregarded)^f1 is amended in accordance with the following provisions of this regulation.

(2)

In paragraph (1)—

(a)

after sub-paragraph (m)^f2 there are inserted the following sub-paragraphs—

“(ma)

a payment by way of the grant of a qualifying option within the meaning of Schedule 14 to the Finance Act 2000 (enterprise management incentives) which is capable of being exercised more than ten years after the grant;

(mb)

a payment deducted from the earnings of the employment under a partnership share agreement;

(mc)

a payment by way of an award of shares under an employee share ownership plan;”;

(b)

in head (ii) of sub-paragraph (zj)^f3 for “by virtue of regulation 17AB of these Regulations (further provision as to payments to be treated as earnings)” there is substituted “under regulation 17A(3) (payments to be treated as earnings—conditional acquisition of shares and convertible shares)”; and

(c)

in sub-paragraph (zk) for “by virtue of regulation 17AB” there is substituted “under regulation 17A(3)”.

(3)

After paragraph (7A)^f4 there are inserted the following paragraphs—

“(7B)

In paragraph (1)(mb) “partnership share agreement” has the meaning given in paragraph 34 of Schedule 8 to the Finance Act 2000.

(7C)

In paragraph (1)(mc) “employee share ownership plan” has the meaning given in paragraph 1(1) of Schedule 8 to the Finance Act 2000.”.

Annotations

Footnotes

f1: Regulation 19 has been amended: the relevant amending instruments are S.I. 1996/3031, 1998/2211 and 1999/567.
f2: Sub-paragraph (m) was substituted by regulation 6(3) of S.I. 1998/2211.
f3: Sub-paragraphs (zj) and (zk) were inserted by regulation 3(2)(b) of S.I. 1999/567.
f4: Paragraph (7A) was inserted by regulation 4(d) of S.I. 1996/3031.