The Social Security (Contributions) (Amendment No. 5) Regulations 2014
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
2 Amendment of the Social Security (Contributions) Regulations 2001
(1) The Social Security (Contributions) Regulations 2001 are amended as follows. (2) After regulation 94A (exception from Class 4 liability in respect of certain amounts chargeable to income tax under Schedule D) insert— Liability of a partner in an AIFM firm for Class 4 contributions 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. .
2 Amendment of the Social Security (Contributions) Regulations 2001
(1) The Social Security (Contributions) Regulations 2001 are amended as follows. (2) After regulation 94A (exception from Class 4 liability in respect of certain amounts chargeable to income tax under Schedule D) insert— Liability of a partner in an AIFM firm for Class 4 contributions 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. .
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
How this law is officially changed
Solon does not know this law's official route yet. The proposal is recorded all the same, and the route appears here once its source is added.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.