(1) An employer shall be liable in the first instance to pay universal social charge due in respect of any payment of relevant emoluments.
(1A) Where -
(a) an employer pays relevant emoluments to an employee in the form of shares (including stock),
(b) an employee realises a gain by the exercise of a right in accordance with the provisions of a scheme approved under Schedule 12A, or
(c) an employee realises a gain by the exercise of, or by the assignment or release of, a right on or after 1 January 2024 which is chargeable to tax by virtue of section 128,
and where, by reason of an insufficiency of payments actually made to or on behalf of the employee, the employer is unable to deduct the amount (or full amount) of the universal social charge required to be deducted under this Part and regulations made under this Part in respect of those shares or that gain, as the case may be, that employer shall be entitled to withhold and to realise sufficient shares to meet that universal social c
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