Paragraph 1 Certain payments by way of securities, restricted securities and restricted interests in securities, and gains arising from them, disregardedF1

(1)

Payments by way of securities, restricted securities and restricted interests in securities, and gains arising from them, are disregarded in the calculation of an employed earner’s earnings to the extent mentioned in this Part.

(2)

For the purposes of paragraphs 13, 15 and 16—

(a)

“body corporate” includes—

(i)

a body corporate constituted under the law of a country or territory outside the United Kingdom, and

(ii)

an unincorporated association wherever constituted;

(b)

“total discount” means the difference between the total value of the exercise price of the shares that are subject to the right in question and the total market value of that right;

(c)

“total market value” means the price which the shares that are subject to the right in question might reasonably be able to fetch in the open market; and

(d)

the total market value of the subsequent right is similar to the total market value of the first right if it is not substantially greater than the first right.

Annotations

Textual amendments

F1: Sch. 3 para. 1 heading substituted (1.9.2003) by The Social Security (Contributions) (Amendment No. 5) Regulations 2003 (S.I. 2003/2085), regs. 1, 12(3)

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.

Notes on Part IX

Textual amendments

F1: Sch. 3 Pt. IX heading substituted (1.9.2003) by The Social Security (Contributions) (Amendment No. 5) Regulations 2003 (S.I. 2003/2085), regs. 1, 12(2)