492No charge on partnership share money deducted from salaryU.K.
This
adran has no associated
Nodiadau Esboniadol
(1)An employee is not liable to income tax under Part 2 on any amount of the employee’s salary which is deducted as partnership share money under a partnership share agreement.
(2)But the deduction of partnership share money is to be disregarded for the purpose of ascertaining—
(a)the amount of the employee’s remuneration for the purposes of Chapter 1 of Part 14 of ICTA (retirement benefit schemes), or
(b)the amount of the employee’s relevant earnings for the purposes of Chapter 3 or 4 of that Part of that Act (retirement annuities or personal pension schemes).