- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/12/2020)
- Gwreiddiol (Fel y'i Deddfwyd)
Income Tax (Earnings and Pensions) Act 2003
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- Deddfau Cyhoeddus Cyffredinol y Deyrnas Unedig
- 2003 c. 1
- SCHEDULE 2
- Part 6
- Maximum amount of deductions
Pa Fersiwn
Nodweddion Uwch
- Dangos Graddfa Ddaearyddol(e.e. Lloegr, Cymru, Yr Alban aca Gogledd Iwerddon)
- Dangos Llinell Amser Newidiadau
Changes over time for: Cross Heading: Maximum amount of deductions
Alternative versions:
- 06/04/2003- Amendment
- 10/07/2003- Amendment
- 06/04/2014- Amendment
- 17/07/2014- Amendment
- 17/12/2020
Point in time
Status:
Point in time view as at 17/12/2020.
Changes to legislation:
There are outstanding changes not yet made by the legislation.gov.uk editorial team to Income Tax (Earnings and Pensions) Act 2003. Any changes that have already been made by the team appear in the content and are referenced with annotations.
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Maximum amount of deductionsU.K.
46(1)The amount of partnership share money deducted from an employee’s salary must not exceed [F1£1,800] in any tax year. U.K.
(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.]
Textual Amendments
F1Word in Sch. 2 para. 46(1) substituted (6.4.2014) by Finance Act 2014 (c. 26), s. 49(3)(4)
F2Words 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)
F3Sch. 2 para. 46(4A) inserted (10.7.2003) by virtue of Finance Act 2003 (c. 14), Sch. 21 para. 7(4)
F4Sch. 2 para. 46(6) inserted (17.7.2014) by Finance Act 2014 (c. 26), s. 50(3)
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