The Social Security (Contributions) Regulations 2001

Readily convertible assets U.K.

5.—(1) The amount of earnings which is comprised in—

(a) any payment by way of the conferment of a beneficial interest in any asset falling within Part III of Schedule 3;

(b) any payment by way of the conferment of a beneficial interest in any asset falling within Part IV of Schedule 3 which is a readily convertible asset;

(c) any payment by way of—

(i) a voucher, stamp or similar document falling within paragraph 12 of Part IV of that Schedule where the asset for which it is capable of being converted is a readily convertible asset;

(ii) a non-cash voucher not falling within Part V (whether or not also falling within paragraph 12 of Part IV of that Schedule) which is capable of being exchanged for a readily convertible asset;

and which is to be taken into account in computing a person’s earnings, shall be calculated in accordance with sub-paragraph (2) to (5).

(2) In the case of an asset falling within paragraph 1 of Part III of Schedule 3 the amount is the best estimate which can reasonably be made of [F1 the amount of general earnings] in respect of the provision of the asset.

(3) In the case of an asset falling within paragraph 2 of Part III of Schedule 3, the amount is the best estimate that can reasonably be made of [F1 the amount of general earnings] in respect of the enhancement of its value.

(4) In the case of a voucher, stamp or similar document falling within—

(a) sub-paragraph(1)(c); or

(b) paragraph 3 of Part III of Schedule 3,

the amount is the best estimate that can reasonably be made of [F1 the amount of general earnings] in respect of the provision of any asset for which the voucher is capable of being exchanged.

(5) In the case of an asset falling within sub-paragraph(1)(b), the amount is the best estimate that can reasonably be made of [F1 the amount of general earnings] in respect of the provision of the asset.

Textual Amendments

F1 Words in Sch. 2 para. 5 substituted (1.9.2003) by The Social Security (Contributions) (Amendment No. 5) Regulations 2003 (S.I. 2003/2085), regs. 1, 7(2)