SCHEDULES
SCHEDULE 8Employee share ownership plans
Part XIncome tax
Partnership share money deducted before tax
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(1)
Partnership share money deducted from an employee’s salary in accordance with a partnership share agreement is not regarded as income of the employee chargeable to tax under Schedule E.
(2)
The deduction of partnership share money shall be disregarded for the purpose of ascertaining the amount of—
(a)
the employee’s remuneration for the purposes of Chapter I of Part XIV of the Taxes Act 1988 (retirement benefit schemes), or
(b)
the employee’s relevant earnings for the purposes of Chapter III or IV of that Part (retirement annuities or personal pension schemes).