Social Welfare and Pensions Act 2012

Return of contributions — share-based remuneration.

11.— (1) Section 34A(1)(a) (inserted by section 13 of the Social Welfare Act 2011 ) of the Principal Act is amended—

(a) in subparagraph (i)—

(i) by substituting “pursuant to paragraph (a)(ii) or (b)(ii) of the definition of ‘reckonable earnings’ specified in” for “by virtue of clauses (I) to (VI) of paragraphs (a) and (b) of the definition of ‘reckonable earnings’ contained in”,

(ii) by inserting “(amended by the Social Welfare (Consolidated Contributions and Insurability) (Amendment) Regulations 2010 ( S.I. No. 684 of 2010 ))” after “Article 3”, and

(iii) by deleting “(inserted by Article 4 of the Social Welfare (Consolidated Contributions and Insurability) (Amendment) Regulations 2010 ( S.I. No. 684 of 2010 ))”,

and

(b) in subparagraph (ii) by substituting “that section applies,” for “that section applies, and”.

(2) Section 34A(1) of the Principal Act is amended by substituting the following paragraph for paragraph (b):

“(b) paid in accordance with section 13(2)(d)—

(i) pursuant to paragraph (a)(ii) or (b)(ii) of the definition of ‘reckonable earnings’ specified in Article 3 (amended by the Social Welfare (Consolidated Contributions and Insurability) (Amendment) Regulations 2010 ( S.I. No. 684 of 2010 )) of the Social Welfare (Consolidated Contributions and Insurability) Regulations 1996 ( S.I. No. 312 of 1996 ), or

(ii) in respect of the amount referred to in section 985A(3) of the Act of 1997 in the case of emoluments (within the meaning of section 983 of the Act of 1997) received by an employee or director in the form of shares (including stock) in—

(I) the company in which the employee or director holds his or her office or employment, or

(II) a company which has control (within the meaning of section 432 of the Act of 1997) of that company,

and”.

(3) Section 34A(1) of the Principal Act is amended by inserting the following paragraph after paragraph (b):

“(c) paid in accordance with section 21 in respect of share-based remuneration received by way of forfeitable shares to which section 128E of the Act of 1997 refers, where subsection (6) of that section applies.”.

(4) Section 34A(2) of the Principal Act is amended—

(a) by substituting “to an employed contributor, the employer of an employed contributor and a self-employed contributor,” for “to an employed contributor and to the employer of an employed contributor,” and

(b) in paragraph (b) by substituting “on the death of an employed contributor and a self-employed contributor” for “on the death of an employed contributor”.