Version Superseded: 10/07/2003
Point in time view as at 13/06/2003.
Income Tax (Earnings and Pensions) Act 2003, Paragraph 46 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
46(1)The amount of partnership share money deducted from an employee’s salary must not exceed—U.K.
(a)£125 in any month, or
(b)where the salary is not paid at monthly intervals, such amount as bears to £125 the same proportion as the pay interval in question bears to one month.
(2)The amount of partnership share money deducted from an employee’s salary must not exceed 10% of the employee’s salary.
“10% of the employee’s salary” means—
if the plan does not provide for an accumulation period, 10% of the salary payment from which the deduction is made;
if the plan provides for an accumulation period, 10% of the total of the employee’s salary payments over that period.
(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.
(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.
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