SCHEDULES
SCHEDULE 2F1... share incentive plans
Part 6Partnership shares
Maximum amount of deductions
46
1
The amount of partnership share money deducted from an employee’s salary must not exceed F2£1,800 in any tax year.
2
The amount of partnership share money deducted from an employee’s salary F5for 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.
F34A
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.
F46
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.
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)