Regulation 22(4) SSCR 2001

Share option gains realised on 10/10/03 = £50,000

PAYE due = £20,000

PAYE not deducted from earnings = £15,000

(insufficient cash for full deduction)

PAYE paid on 19/11/03

90 day period starts 10/10/03 and ends 7/1/04

£15,000 made good on 31/1/04

£15,000 is treated as earnings for both tax and NICs on 7/1/04