# The Social Security Contributions (Share Options) Regulations 2001, Note: Explanatory note


(This note is not part of the Regulations)
The Social Security Contributions (Share Options) Act 2001 (c. 20) (“the Act”) contains provisions for the limitation of liability to pay social security contributions in respect of gains arising on the exercise, assignment or release of certain share options. In order for these provisions to be used, a notice must be given to the Inland Revenue within ninety-two days of the day on which the Act is passed (11th May 2001). Where such a notice is given, a special contribution is payable in respect of the gain, if any, which would have arisen had the share option been exercised, assigned or released on 7th November 2000.
Regulation 1 provides for citation and commencement, and regulation 2 for interpretation.
Regulation 3 sets out the matters to be contained in the notice to be given to the Inland Revenue and regulation 4 provides for the form of, and manner of giving, such a notice.
Regulation 5 provides for the payment of special contributions.
Regulations 6, 7, 8 and 9 respectively provide for interest on overdue special contributions, interest on repaid special contributions, repayment of interest paid on special contributions, and the remission of interest on special contributions.
Regulation 10 provides for the records which a person who has given a notice to the Inland Revenue must maintain and for the period for which such records must be retained.
Regulation 11 applies with modifications paragraphs (1) and (3) to (7) of regulation 55 of the Income Tax (Employments) Regulations 1993 (S.I. 1993/744) in relation to the records to be maintained under regulation 10 of these Regulations.

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Source: https://www.legislation.gov.uk/uksi/2001/1817/note (the official version)
Page: https://openlegislation.uk/social-security-contributions-share-options-regulations-2001/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.