# The Social Security (Contributions) Regulations 2001, Paragraph 2: Payments by way of assets not to be disregarded


Payments falling within paragraph 1 do not include any payment by way of—
(a) the conferment of any beneficial interest in—
(i) any asset mentioned in Part III or Part IV,
(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;
(b) a non-cash voucher not of a description mentioned in Part V or to which paragraph 4 of Part X applies.
(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).
(3) For the purposes of sub-paragraph (1)(a)(ii), if the contract—
(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
(b) is treated for the purposes of that Order as falling within Part II of that Schedule by Article 3(3) of that Order,
that contract shall be treated as a contract of long-term insurance.

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Source: https://www.legislation.gov.uk/uksi/2001/1004/schedule/3/part/II/paragraph/2 (the official version)
Page: https://openlegislation.uk/social-security-contributions-regulations-2001/schedule-3/part-II/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.