Regulation 2 Amendment of regulation 18 of the principal Regulations

In regulation 18 of the principal Regulations (calculation of earnings)(d) for paragraph (6) there shall be substituted the following paragraphs—

“(6)

The amount of earnings which is comprised in any payment by way of the conferment of a beneficial interest in—

(a)

any units in any unit trust scheme within the meaning of section 75(8) of the Financial Services Act 1986^f1; or

(b)

any asset falling within paragraph 9A of Schedule 1A to these Regulations,

having a published selling price and which falls to be taken into account in the computation of a person’s earnings shall, for the purposes of earnings-related contributions, be calculated or estimated by reference to the published selling price on the date of that payment.

(7)

In paragraph (6) of this regulation “published selling price” means the lowest selling price published on the date on which the payment in question is made and where no price is published on that date it means the lowest selling price published on the last previous date on which such a price was published.”.