The Social Security Contributions (Share Options) Regulations 2001
The Social Security Contributions (Share Options) Act 2001 (c. 20) (“the Act”) contains provisions for the limitation of liability to pay social security contributions in respect of gains arising on the exercise, assignment or release of certain share options. In order for these provisions to be used, a notice must be given to the Inland Revenue within ninety-two days of the day on which the Act is passed (11th May 2001). Where such a notice is given, a special contribution is payable in respect of the gain, if any, which would have arisen had the share option been exercised, assigned or released on 7th November 2000.