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Income Tax (Earnings and Pensions) Act 2003
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Income Tax (Earnings and Pensions) Act 2003, Paragraph 45 is up to date with all changes known to be in force on or before 26 February 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.
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45(1)The plan must provide for a partnership share agreement to be given effect by deductions from the employee’s salary.U.K.
(2)Amounts so deducted are referred to in the SIP code as “partnership share money”.
(3)The partnership share agreement must specify—
(a)what amounts are to be deducted, and
(b)at what intervals;
but this does not prevent the employee and the company agreeing to vary those amounts or intervals.
(4)For the purposes of sub-paragraph (3)(a) the agreement may specify a percentage of the employee’s salary.
(5)The plan must require the employer company to calculate the amounts and intervals having regard to paragraph 46 (maximum amount of deductions from salary).
(6)In sub-paragraph (5) “the employer company” means the company by reference to which the employee meets the employment requirement in relation to the plan.
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