Paragraph 35

United Kingdom

(1)

The plan must provide for a partnership share agreement to be given effect by deductions from the employee’s salary.

Amounts so deducted are referred to in this Part of this Schedule as “partnership share money".

(2)

The partnership share agreement must specify—

(a)

what amounts are to be deducted, and

(b)

at what intervals.

This does not prevent the employee and the company agreeing to vary those amounts or intervals.

(3)

For the purposes of sub-paragraph (2)(a) the agreement may specify a percentage of the employee’s salary.

(4)

The plan must require the employer company to calculate the amounts and intervals having regard to the provisions of paragraph 36 (maximum amount of deductions from salary).

For this purpose “the employer company" is the company by reference to which the employee meets the requirement of paragraph 14 (the employment requirement) in relation to the plan.

Notes on Schedule 8

Textual amendments

F1: Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)