# The Social Security (Contributions) Regulations 2001, Paragraph 7: Convertible and restricted interests in securities and convertible and restricted securities


(1) The amount of earnings comprised in any payment by way of the conferment of—
(a) a convertible interest in securities;
(b) a restricted interest in securities; or
(c) an interest in convertible or restricted securities,
falling to be taken into account in computing a person’s earnings from employed earner’s employment shall be computed in the same manner, and shall be taken into account at the same time, as applies under Chapters 1 to 5 of Part 7 of ITEPA 2003, for the purpose of computing his employment income.
This is subject to the following qualification.
(2) For the purpose of sub-paragraph (1) no account shall be taken of any relief obtained under sections 428A or 442A of ITEPA 2003 (relief for secondary Class 1 contributions met by employee).

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Source: https://www.legislation.gov.uk/uksi/2001/1004/schedule/2/paragraph/7 (the official version)
Page: https://openlegislation.uk/social-security-contributions-regulations-2001/schedule-2/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.