Paragraph 5 Readily convertible assets

United Kingdom

(1)

The amount of earnings which is comprised in—

(a)

any payment by way of the conferment of a beneficial interest in any asset falling within Part III of Schedule 3;

(b)

any payment by way of the conferment of a beneficial interest in any asset falling within Part IV of Schedule 3 which is a readily convertible asset;

(c)

any payment by way of—

(i)

a voucher, stamp or similar document falling within paragraph 12 of Part IV of that Schedule where the asset for which it is capable of being converted is a readily convertible asset;

(ii)

a non-cash voucher not falling within Part V (whether or not also falling within paragraph 12 of Part IV of that Schedule) which is capable of being exchanged for a readily convertible asset;

and which is to be taken into account in computing a person’s earnings, shall be calculated in accordance with sub-paragraph (2) to (5).

(2)

In the case of an asset falling within paragraph 1 of Part III of Schedule 3 the amount is the best estimate which can reasonably be made of F1the amount of general earnings in respect of the provision of the asset.

(3)

In the case of an asset falling within paragraph 2 of Part III of Schedule 3, the amount is the best estimate that can reasonably be made of the amount of general earnings in respect of the enhancement of its value.

(4)

In the case of a voucher, stamp or similar document falling within—

(a)

sub-paragraph(1)(c); or

(b)

paragraph 3 of Part III of Schedule 3,

the amount is the best estimate that can reasonably be made of the amount of general earnings in respect of the provision of any asset for which the voucher is capable of being exchanged.

(5)

In the case of an asset falling within sub-paragraph(1)(b), the amount is the best estimate that can reasonably be made of the amount of general earnings in respect of the provision of the asset.

Annotations

Textual amendments

F1: Words in Sch. 2 para. 5 substituted (1.9.2003) by The Social Security (Contributions) (Amendment No. 5) Regulations 2003 (S.I. 2003/2085), regs. 1, 7(2)

Notes on the whole SI

Textual amendments

F1: See sections 3(2) and (5), 4(5) and (6), 116, 117, 118, 119 and 120 of the Social Security Contributions and Benefits Act 1992 (c. 4) (“the Act”) as amended respectively by paragraphs 3, 4, 22, 23, 24, 25 and 26 of Schedule 3 to the Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2) (“the Transfer Act”). The functions of the Department of Health and Social Services for Northern Ireland under the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7) and the Social Security Administration (Northern Ireland) Act 1992 (c. 8) were transferred to the Department for Social Development by Article 8(b) of and Part II of Schedule 6 to the Departments (Transfer and Assignment of Functions) Order (Northern Ireland) 1999 (S.R. 1999 No. 481).
F2: See section 176(2)(b) of the Act.