Amendments to the Social Security (Contributions) Regulations 2001
7. In Part 2 of Schedule 4 (provisions derived from the Income Tax Acts and the Income Tax (Pay As You Earn) Regulations 2003)(1)—
(a)in paragraph 6(3) for “share option gains” substitute “relevant employment income”;
(b)for paragraph 8 and the heading preceding it substitute—
“Records where liability transferred from secondary contributor to employed earner: relevant employment income
8. Where an election has been made for the purposes of paragraph 3B(1) of Schedule 1 to the Act (elections about transfer of liability for secondary contributions in respect of relevant employment income), the secondary contributor shall maintain records containing—
(a)a copy of any such election;
(b)a copy of the notice of approval issued by the Inland Revenue under paragraph 3B(1)(b) of that Schedule;
(c)the name and address of the secondary contributor who has entered into the election;
(d)the name of the employed earner; and
(e)the national insurance number allocated to the employed earner.”;
(c)in paragraph 21(1)(a) for “a gain” to the end substitute “relevant employment income; and”; and
(d)for the heading preceding paragraph 23(2) substitute—
“Additional return by employer at end of year where liability transferred to employed earner: elections under paragraph 3B(1) of Schedule 1 to the Act.”; and
(e)in paragraph 23(1)(a) for “a gain” to the end substitute “relevant employment income; and”.
The heading of Schedule 4 was substituted by regulation 29 of S.I. 2004/770.
Paragraph 23 of Schedule 4 was amended by regulation 14(3) of S.I. 2003/2085.