46(1)The amount of partnership share money deducted from an employee’s salary must not exceed [F1£1,500 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.
Textual Amendments
F1Words in Sch. 2 para. 46(1) 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(2)
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)