{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-2/paragraph-46",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-2/paragraph-46.json",
  "legislation": "ukpga/2003/1",
  "legislation_title": "Income Tax (Earnings and Pensions) Act 2003",
  "legislation_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003",
  "path": "schedule/2/paragraph/46",
  "kind": "paragraph",
  "number": "46",
  "heading": null,
  "text": "(1) The amount of partnership share money deducted from an employee’s salary must not exceed £1,800 in any tax year.\n(2) The amount of partnership share money deducted from an employee’s salary for any tax year must not exceed 10% of the employee’s salary for the tax year.\n(3) The plan may authorise the company to specify lower limits than those specified in sub-paragraphs (1) and (2).\n(4) If it does so, different limits may be specified in relation to different awards of shares.\n(4A) A limit lower than that specified in sub-paragraph (2) may be framed—\n(a) as a proposition substituting a percentage lower than that so specified, or\n(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.\n(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.\n(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.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Word in Sch. 2 para. 46(1) substituted (6.4.2014) by Finance Act 2014 (c. 26), s. 49(3)(4)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Sch. 2 para. 46(4A) inserted (10.7.2003) by virtue of Finance Act 2003 (c. 14), Sch. 21 para. 7(4)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Sch. 2 para. 46(6) inserted (17.7.2014) by Finance Act 2014 (c. 26), s. 50(3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/schedule/2/paragraph/46",
    "retrieved_at": "2026-10-29T09:18:42.395488+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}