The Social Security Contributions (Share Options) Regulations 2001

Remission of interest on special contributions

9.—(1) Interest payable in respect of a special contribution shall be remitted for the period commencing on the first relevant date and ending on the second relevant date in the circumstances specified in paragraph (2).

(2) The circumstances specified in this paragraph are that the liability, or a part of the liability, to pay the interest arises as the result of an official error being made.

(3) In this regulation—

“official error” means a mistake made, or something omitted to be done, by an officer of, or person employed in relation to, the Inland Revenue acting as such, where the person by whom the interest was payable, or any person acting on his behalf, does not cause, or materially contribute to, that error or omission;

“the first relevant date” means the date after the end of the period of ninety-two days beginning with the day on which the Act is passed or, if later, the date on which the official error occurs;

“the second relevant date” means the date which is fourteen days after the date on which the official error is rectified and the person by whom the interest was payable is advised of its rectification.