Paragraph 36

United Kingdom

(1)

The amount of partnership share money deducted from an employee’s salary must not exceed—

(a)

£125 in any month, or

(b)

where the salary is not paid at monthly intervals, such amount as bears to £125 the same proportion as the pay interval in question bears to one month.

(2)

The amount of partnership share money deducted from an employee’s salary must not exceed 10% of the employee’s salary.

This means—

(a)

if the plan does not provide for an accumulation period, 10% of the salary payment from which the deduction is made;

(b)

if the plan provides for an accumulation period, 10% of the total of the employee’s salary payments over that period.

(3)

The plan may authorise the company to specify lower limits than those specified in sub-paragraphs (1) and (2).

Different limits may be specified in relation to different awards of shares.

(4)

Any amount deducted in excess of that allowed by sub-paragraph (1) or (2), or any lower limit in the plan, must be paid over to the employee as soon as practicable.

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F1: Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)