Social Security (Contributions) Amendment (No. 3) Regulations 1988
| Jurisdiction | UK Non-devolved |
| Citation | SI 1988/860 |
| Year | 1988 |
1988 No. 860
SOCIAL SECURITY
The Social Security (Contributions) Amendment (No. 3) Regulations 1988
Made 10th May 1988
Laid before Parliament 11th May 1988
Coming into force 12th May 1988
The Secretary of State for Social Services, in exercise of the powers conferred upon him by sections 3(2) and (3) of, and Schedule 201to, the Social Security Act 19752and of all other powers enabling him in that behalf, after agreement by the Social Security Advisory Committee that proposals to make these Regulations should not be referred to it3, hereby makes the following Regulations:
Citation, commencement and interpretation
1.—(1) These Regulations may be cited as the Social Security (Contributions) Amendment (No. 3) Regulations 1988 and shall come into force on 12 May 1988.
(2) In these Regulations “the principal Regulations” means the Social Security (Contributions) Regulations 19794.
Amendment of regulation 19 of the principal Regulations
2. In sub-paragraph (d) of paragraph (1) of regulation 19 of the principal Regulations (payments to be disregarded), after the words “in kind” there shall be inserted the words “(other than a payment to which regulation 19C of these Regulations applies),”.
Insertion of regulation 19C in the principal Regulations
3. After regulation 19B of the principal Regulations there shall be inserted the following regulation:
“Payments in kind not to be disregarded
19C.—(1) A payment in kind shall not by virtue of regulation 19(1)(d) of these Regulations be excluded from the computation of a person’s earnings in respect of any employed earner’s employment so far as it consists of the conferment of a beneficial interest in any security falling within paragraph (2) of this regulation or in any derivative instrument falling within paragraph (3) of this regulation.
(2) In this regulation “security” means debentures, including debenture stock, loan stock, bonds, certificates of deposit and other instruments creating or acknowledging indebtedness issued by or on behalf of a government, local authority public authority, body corporate or any other person, but does not include shares and stock in the share capital of a company.
(3) In this regulation “derivative instrument” means—
(a)
(a) a warrant or other instrument entitling the holder...
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