The Social Security (Contributions) Regulations 2001

1.—(1) An election for the purposes of paragraph 3B(1) of Schedule 1 to the Act shall contain—

(a) details of the share options to which it relates, or of the period within which the share options to which it relates are intended to be granted;

(b) a statement that the election relates to any gain on which the employed earner is liable to pay secondary Class 1 contributions under section 4(4)(a) of the Act and an explanation of the effect of that paragraph;

(c) the amount or proportion (as the case may be) of the liability for secondary Class 1 contributions to be transferred;

(d) a statement that its purpose is to transfer the liability for the secondary Class 1 contributions referred to in paragraph (c) from the secondary contributor to the employed earner;

(e) a statement as to the method by which the secondary contributor will secure that the liability for amounts of contributions, transferred under the election, is met;

(f) a statement as to the circumstances in which it shall cease to have effect;

(g) a declaration by the employed earner that he agrees to be bound by its terms; and

(h) evidence sufficient to show that the secondary contributor agrees to be bound by its terms.

(2) The declaration referred to in sub-paragraph (1)(g) must either be signed by the employed earner or, if it is made by electronic communications, made by him in such electronic form and by such means of electronic communications as may be authorised by the Board.