SCHEDULE 2Approved share incentive plans
Part 6Partnership shares
Maximum amount of deductions
46
(1)
The amount of partnership share money deducted from an employee’s salary must not exceed—
(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—
(a)
if the plan does not provide for an accumulation period, 10% of the salary payment from which the deduction is made;
(b)
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.