# The Social Security (Contributions) (Amendment No. 6) Regulations (Northern Ireland) 1996, Note: Explanatory note


(This note is not part of the Regulations.)
These Regulations further amend the Social Security (Contributions) Regulations (Northern Ireland) 1979 (“the principal Regulations”).
Regulation 2 amends regulation 1(2) of the principal Regulations by inserting a new definition of “trading arrangements”.
Regulation 3 amends regulation 18 of the principal Regulations—
(a) a new paragraph (7A) is inserted so that where a payment of earnings is made in the form of a beneficial interest in an option to acquire an asset listed in Schedule 1A to the principal Regulations the value of the payment is determined by reference to the value of the asset concerned;
(b) paragraph (8) is amended to include any vouchers for which trading arrangements exist and vouchers for assets for which such arrangements exist. Where a payment of earnings is made in the form of a voucher the value of the payment is determined by reference to the cost of the voucher and the cost of the asset for which the voucher is exchangeable;
(c) paragraph (9) is amended so that where a payment of earnings is made in the form of the beneficial interest in any asset (other than a voucher) listed in Schedule 1A to the principal Regulations for which trading arrangements exist the value of the payment is determined by reference to the amount obtainable under the trading arrangements if that is greater than the value of the beneficial interest in the asset.
Regulation 4 amends regulation 19 of the principal Regulations so that the exclusion from the computation of a person’s earnings of shares forming part of the ordinary share capital of the secondary contributor or a company having control in relation to that contributor is limited to those shares which are provided under a scheme approved under Schedule 9 to the Income and Corporation Taxes Act 1988 or which are not tradeable on a recognised investment exchange and for which no trading arrangements exist. Options to acquire shares which are provided under a scheme approved under that Schedule or which are not tradeable on a recognised investment exchange or for which no trading arrangements exist are also excluded from the computation of a person’s earnings.
Regulation 5 omits paragraph 19 of Schedule 1A to the principal Regulations.
Regulation 6 contains revocations.
These Regulations correspond to provision contained in Regulations made by the Secretary of State for Social Security in relation to Great Britain and accordingly, by virtue of section 149(3) of, and paragraph 10 of Schedule 5 to, the Social Security Administration (Northern Ireland) Act 1992 (c. 8), are not subject to the requirement of section 149(2) of that Act for prior reference to the Social Security Advisory Committee.

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Source: https://www.legislation.gov.uk/nisr/1996/566/note (the official version)
Page: https://openlegislation.uk/social-security-contributions-amendment-no-6-regulations-northern-ireland-1996/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.