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There are currently no known outstanding effects for the The Social Security (Contributions) Regulations 2001, Section 94B.
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94B.—(1) This regulation applies if an AIFM firm makes an election under section 863H of ITTOIA 2005 (election for special provision for alternative investment fund managers to apply).
(2) Where a partner (“P”) in an AIFM firm allocates a profit (“the allocated profit”) to that firm as provided for in section 863I(2) of ITTOIA 2005 (allocation of profit to the AIFM firm), no Class 4 contributions are payable in respect of that allocated profit by virtue of the allocation.
(3) Paragraph (4) applies if all or part of the allocated profit vests in P at a time when P is carrying on the AIFM trade (whether as a partner in the AIFM firm or otherwise).
(4) The amount treated as a profit under section 863J(2) and (5) of ITTOIA 2005 (vesting of remuneration represented by the allocated profit) is to be treated for the purposes of the Act as if it were profits—
(a)to which section 15(1) of the Act (class 4 contributions recoverable under the Income Tax Acts) applies; and
(b)made by P in the tax year in which that profit is chargeable to income tax under Chapter 2 of Part 2 of ITTOIA 2005.
(5) In this regulation—
“AIFM firm” and “AIFM trade” have the meanings given in section 863H(3) and (4) of ITTOIA 2005; and
“ITTOIA 2005” means the Income Tax (Trading and Other Income) Act 2005.]
Textual Amendments
F1Reg. 94B inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Social Security (Contributions) (Amendment No. 5) Regulations 2014 (S.I. 2014/3196), regs. 1(2), 2(2)
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