{
  "url": "https://openlegislation.uk/social-security-contributions-regulations-2001/schedule-3/part-II/paragraph-2",
  "json_url": "https://openlegislation.uk/social-security-contributions-regulations-2001/schedule-3/part-II/paragraph-2.json",
  "legislation": "uksi/2001/1004",
  "legislation_title": "The Social Security (Contributions) Regulations 2001",
  "legislation_url": "https://openlegislation.uk/social-security-contributions-regulations-2001",
  "path": "schedule/3/part/II/paragraph/2",
  "kind": "paragraph",
  "number": "2",
  "heading": "Payments by way of assets not to be disregarded",
  "text": "Payments falling within paragraph 1 do not include any payment by way of—\n(a) the conferment of any beneficial interest in—\n(i) any asset mentioned in Part III or Part IV,\n(ii) any contract of long-term insurance which falls within paragraph I, III or VI of Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;\n(b) a non-cash voucher not of a description mentioned in Part V or to which paragraph 4 of Part X applies.\n(2) Sub-paragraph (1)(a)(i) is subject to the qualification that an asset, which falls within either Part III or Part IV, shall nevertherless be disregarded under paragraph 1 if no liability to income tax arises by virtue of section 323 of ITEPA 2003 (long service awards).\n(3) For the purposes of sub-paragraph (1)(a)(ii), if the contract—\n(a) falls within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and Part I of that Schedule; or\n(b) is treated for the purposes of that Order as falling within Part II of that Schedule by Article 3(3) of that Order,\nthat contract shall be treated as a contract of long-term insurance.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 3 Pt. 02 para. 2(1)(a)(ii) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 192(2)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in sch. 3 Pt. 02 para. 2 substituted (6.4.2004) byThe Social Security (Contributions, Categorisation of Earners and Intermediaries) (Amendment) Regulations 2004 (S.I. 2004/770), regs. 1(1), 28(2)."
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Sch. 3 Pt. 02 para. 2(3) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 192(2)(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2001/1004/schedule/3/part/II/paragraph/2",
    "retrieved_at": "2026-10-29T07:54:35.441483+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}