Point in time view as at 22/07/2020.
Income Tax (Earnings and Pensions) Act 2003, Paragraph 54 is up to date with all changes known to be in force on or before 06 March 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.
54(1)The plan must provide that an employee may at any time give notice to the company to stop deductions under a partnership share agreement.U.K.
(2)The plan must provide that, unless a later date is specified in the notice, the company must, on receiving a notice within sub-paragraph (1), ensure within 30 days after receipt of the notice that no further deductions are made by it under the partnership share agreement.
(3)The plan must also provide that an employee who has stopped deductions—
(a)may subsequently give notice to the company to re-start deductions under the agreement, but
(b)may not make up deductions that have been missed.
(4)If the plan makes provision for one or more accumulation periods, it may prevent an employee re-starting deductions more than once in any accumulation period.
(5)The plan must provide that, unless a later date is specified in the notice, the company must, on receiving a notice within sub-paragraph (3), re-start deductions under the partnership share agreement not later than the re-start date.
(6)“The re-start date” means the date of the first deduction due under the partnership share agreement more than 30 days after receipt of the notice under sub-paragraph (3).
(7)In this paragraph “notice” means notice in writing.
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