# The Social Security (Contributions) (Amendment No. 6) Regulations (Northern Ireland) 1996, Regulation 4: Amendment of regulation 19 of the principal Regulations


In regulation 19 of the principal Regulations (payments to be disregarded)—
(a) for sub-paragraphs (k) and (l) of paragraph (1) there shall be substituted the following sub-paragraphs—
“(k) a payment by way of shares where such shares—
(i) form part of the ordinary share capital of—
(aa) a company (aa) the secondary contributor, or
(bb) company which has control of that secondary contributor, or
(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
(ii) are either—
(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
(bb) non-tradeable shares;
(l) a payment by way of an option to acquire shares where such option is—
(i) a right obtained in accordance with the provisions of a scheme approved under Schedule 9 to the Income and Corporation Taxes Act 1988 (approved share option schemes and profit sharing schemes) for the purposes of section 185 of that Act (approved share option schemes), or
(ii) a right to acquire shares which are non-tradeable shares and is a non-tradeable option;”;
(b) sub-paragraph (f) of paragraph (7) shall be omitted;
(c) at the end of paragraph (7) there shall be added the following sub-paragraph—
“(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.”;
(d) after paragraph (7) there shall be added the following paragraph—
“(8) For the purposes of paragraph (1)(k) and (l) of this regulation—
(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 section 207(1) of the Financial Services Act 1986 (interpretation) and no trading arrangements exist in respect of it;
(b) “shares” include stock.”.

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Source: https://www.legislation.gov.uk/nisr/1996/566/regulation/4 (the official version)
Page: https://openlegislation.uk/social-security-contributions-amendment-no-6-regulations-northern-ireland-1996/regulation-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.