Paragraph 46

United Kingdom

(1)

The amount of partnership share money deducted from an employee’s salary must not exceed F1£1,800 in any tax year.

(2)

The amount of partnership share money deducted from an employee’s salary F2for any tax year must not exceed 10% of the employee’s salary for the tax year.

(3)

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

(4)

If it does so, different limits may be specified in relation to different awards of shares.

F3(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)

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.

F4(6)

The Treasury may by order amend sub-paragraph (1) by substituting for any amount for the time being specified there an amount specified in the order.

Annotations

Textual amendments

F1: Word in Sch. 2 para. 46(1) substituted (6.4.2014) by Finance Act 2014 (c. 26), s. 49(3)(4)
F2: Words in Sch. 2 para. 46(2) substituted (with effect in accordance with Sch. 21 para. 7(5) of the amending Act) by Finance Act 2003 (c. 14), Sch. 21 para. 7(3)
F3: Sch. 2 para. 46(4A) inserted (10.7.2003) by virtue of Finance Act 2003 (c. 14), Sch. 21 para. 7(4)
F4: Sch. 2 para. 46(6) inserted (17.7.2014) by Finance Act 2014 (c. 26), s. 50(3)

Notes on Schedule 2

Textual amendments

F1: Word in Sch. 2 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 14, 89 (with Sch. 8 paras. 90-96)