Contents
1Citation and commencement#
These Regulations may be cited as the Social Security (Contributions) (Amendment No. 5) Regulations (Northern Ireland) 1998 and shall come into operation on 25th November 1998
2Amendment of regulation 18 of the Social Security (Contributions) Regulations#
In regulation 18 of the Social Security (Contributions) Regulations (Northern Ireland) 1979 (calculation of earnings)—
(a)after paragraph (2) there shall be inserted the following paragraphs—“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; andb 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) there shall be inserted the following paragraph—“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” there shall be substituted “Subject to paragraphs (2A), (5A) and (9A) of this regulation, the amount”;
(d)after paragraph (9) there shall be inserted the following paragraph–“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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