
1 

(1) These Regulations may be cited as the Social Security (Contributions) Amendment (No. 3) Regulations 1994 and shall come into force on 24th August 1994.
(2) In these Regulations “the principal Regulations” means the Social Security (Contributions) Regulations 1979.
2 
In regulation 18 of the principal Regulations (calculation of earnings)—
(a) in paragraph (2) for the words “paragraph (4) or (6)” there shall be substituted the words “paragraph (4), (6) or (8)”;
(b) after paragraph (7) there shall be added the following paragraph—“
(8) The amount of earnings which is comprised in any payment by way of the conferment of a beneficial interest in any asset falling within paragraph 9ZA, 9ZB or 9B of Schedule 1A to these Regulations and which falls to be taken into account in the computation of a person’s earnings shall, for the purposes of earnings-related contributions, be calculated or estimated on the basis of the cost of the asset in question.”.
3 
In Schedule 1A to the principal Regulations (assets not to be disregarded as payments under regulation 19(1)(d))—
(a) in paragraph 5(a) for the words “paragraphs 1 to 4 or 9A” there shall be substituted the words “paragraphs 1 to 4, 9ZA, 9ZB or 9A”;
(b) after paragraph 9 there shall be inserted the following paragraphs—“
9ZA 
Any alcoholic liquor.
9ZB 
Any gemstone.”;
(c) in paragraph 9A for the words “paragraphs 1 to 4 or 6 to 9” there shall be substituted the words “paragraphs 1 to 4 or 6 to 9ZB”;
(d) after paragraph 16 there shall be added the following paragraphs—“
17 
In paragraph 9ZA of this Schedule “alcoholic liquor” means any alcoholic liquor within the meaning of section 1 of the Alcoholic Liquor Duties Act 1979 in respect of which no duty has been paid under that Act.
18 
In paragraph 9ZB of this Schedule “gemstone” includes stones such as diamond, emerald, ruby, sapphire, amethyst, jade, opal or topaz and organic gemstones such as amber or pearl, whether cut or uncut and whether or not having an industrial use.”.
Signed by authority of the Secretary of State for Social Security.
William Hague
Minister of State,
Department of Social Security
23rd August 1994