# The Social Security (Contributions)Amendment (No. 5) Regulations 1998, Regulation 2: Amendment of regulation 18 of the principal Regulations


In regulation 18 of the principal Regulations (calculation of earnings)—
(a) after paragraph (2), insert—
“(2A) Paragraph (2) of this regulation shall apply to shares in a body corporate which are capable of being acquired pursuant to an option, or a voucher capable of being exchanged for such an option, where those shares, that option or that voucher are a readily convertible asset.
(2B) For the purposes of paragraphs (2A), (5A) and (9A) of this regulation, “body corporate” includes—
(a) a body corporate constituted under the law of a country or territory outside the United Kingdom; and
(b) an unincorporated association wherever constituted,
but does not include a partnership, a local authority within the meaning of section 842A of the Income and Corporation Taxes Act 1988 or a local authority association within the meaning of section 519 of that Act.”;
(b) after paragraph (5), insert—
“(5A) Paragraph (4) of this regulation shall apply to shares in a body corporate which are capable of being acquired pursuant to an option, or a voucher capable of being exchanged for such an option, where those shares, that option or that voucher are a readily convertible asset.”;
(c) in paragraph (9), for “The amount”, substitute “Subject to paragraphs (2A), (5A) and (9A) of this regulation, the amount”;
(d) after paragraph (9), insert—
“(9A) Paragraph (9) of this regulation does not apply to an option to acquire shares in a body corporate, or a voucher capable of being exchanged for such an option, where those shares, that option or that voucher are a readily convertible asset.”.

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Source: https://www.legislation.gov.uk/uksi/1998/2894/regulation/2 (the official version)
Page: https://openlegislation.uk/social-security-contributionsamendment-no-5-regulations-1998/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.