# Income Tax (Earnings and Pensions) Act 2003, Paragraph 46

Extent: E+W+S+N.I.

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

---
Source: https://www.legislation.gov.uk/ukpga/2003/1/schedule/2/paragraph/46 (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-2/paragraph-46
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.