Social Security Act 1998
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Change 1
50 Payments treated as remuneration and earnings
(1) For subsection (4) of section 4 of the Contributions and Benefits Act (payments treated as remuneration and earnings) there shall be substituted the following subsection— (4) For the purposes of section 3 above there shall be treated as remuneration derived from an employed earner’s employment— (a) any gain on which the earner is chargeable to tax by virtue of section 135 (gains by directors and employees from share options) of the Income and Corporation Taxes Act 1988 (“the 1988 Act”); (b) any sum paid (or treated as paid) to or for the benefit of the earner which is chargeable to tax by virtue of section 313 of the 1988 Act (taxation of consideration for certain restrictive undertakings). (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) Subsection (1) above, so far as relating to a sum which is chargeable to tax by virtue of section 313 of the Income and Corporation Taxes Act 1988, shall have effect in relation to any undertaking given on or after 10th July 1997. (4) Regulations under subsection (6) of section 4 of the Contributions and Benefits Act (as inserted by subsection (2) above)— (a) shall not be made before the passing of the Finance Act 1998; but (b) may make provision having effect in relation to acquisitions on or after 6th April 1998.
50 Payments treated as remuneration and earnings
(1) For subsection (4) of section 4 of the Contributions and Benefits Act (payments treated as remuneration and earnings) there shall be substituted the following subsection— (4) For the purposes of section 3 above there shall be treated as remuneration derived from an employed earner’s employment— (a) any gain on which the earner is chargeable to tax by virtue of section 135 (gains by directors and employees from share options) of the Income and Corporation Taxes Act 1988 (“the 1988 Act”); (b) any sum paid (or treated as paid) to or for the benefit of the earner which is chargeable to tax by virtue of section 313 of the 1988 Act (taxation of consideration for certain restrictive undertakings). (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) Subsection (1) above, so far as relating to a sum which is chargeable to tax by virtue of section 313 of the Income and Corporation Taxes Act 1988, shall have effect in relation to any undertaking given on or after 10th July 1997. (4) Regulations under subsection (6) of section 4 of the Contributions and Benefits Act (as inserted by subsection (2) above)— (a) shall not be made before the passing of the Finance Act 1998; but (b) may make provision having effect in relation to acquisitions on or after 6th April 1998.
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