# Finance Act 2003, Paragraph 7


(1) Paragraph 46 (maximum amount of partnership share money deductions) is amended as follows.
(2) In sub-paragraph (1), for the words after “must not exceed” substitute “ £1,500 in any tax year. ”.
(3) In sub-paragraph (2), for the words after “an employee’s salary” substitute “ for any tax year must not exceed 10% of the employee’s salary for the tax year. ”.
(4) After that sub-paragraph insert—
“(4A) A limit lower than that specified in sub-paragraph (2) may be framed—
(a) as a proposition substituting a percentage lower than that so specified, or
(b) as a proposition that a particular description of earnings is not to be regarded as forming part of an employee’s salary for the purposes of that sub-paragraph.”.
(5) Sub-paragraphs (2) and (3) have effect for the year 2003-04 and subsequent years of assessment.

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/21/paragraph/7 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-21/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.