
1 

(1) These Regulations may be cited as the Social Security (Contributions) Amendment (No. 4) Regulations 1998 and shall come into force on 22nd September 1998.
(2) In these Regulations “the principal Regulations” means the Social Security (Contributions) Regulations 1979.
2 
In regulation 19 of the principal Regulations (payments to be disregarded) before paragraph (1)(n), insert–“
(mm) a payment which comprises any gain on which the earner is chargeable to tax by virtue of section 135 of the Income and Corporation Taxes Act 1988 (gains by directors and employees from share options);”.
Signed by authority of the Secretary of State for Social Security.
Stephen C. Timms
Parliamentary Under-Secretary of State,
Department of Social Security
21st September 1998