
Print Options
PrintThe Whole
Act
PrintThe Whole
Schedule
PrintThe Whole
Part
PrintThis
Cross Heading
only
Changes over time for: Cross Heading: Partnership shares: introduction


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 17/07/2013
Status:
Point in time view as at 03/08/2005.
Changes to legislation:
Income Tax (Earnings and Pensions) Act 2003, Cross Heading: Partnership shares: introduction 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.

Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
Partnership shares: introductionU.K.
43(1)If a SIP provides for partnership shares, the following paragraphs apply—U.K.
paragraph 44 (partnership share agreements),
paragraph 45 (deductions from salary),
paragraph 46 (maximum amount of deductions),
paragraph 47 (minimum amount of deductions),
paragraph 48 (notice of possible effect of deductions on benefit entitlement),
paragraph 49 (partnership share money held for employee),
paragraph 50 (application of money deducted where no accumulation periods),
paragraph 51 (accumulation periods),
paragraph 52 (application of money deducted in accumulation period),
paragraph 53 (restriction on number of shares awarded),
paragraph 54 (stopping and re-starting deductions),
paragraph 55 (withdrawal from partnership share agreement),
paragraph 56 (repayment of partnership share money on withdrawal of approval or termination), and
paragraph 57 (access to partnership shares).
(2)The plan must meet any plan requirements contained in those paragraphs.
(3)References in the SIP code to the trustees acquiring partnership shares on behalf of an employee include their appropriating to an employee shares already held by them.
(4)In the SIP code references to an employee’s “salary” are to be read as follows—
(a)in the case of an individual within the scope of the charge to tax under Part 2 of this Act, they are to be read as references to such of the earnings of the eligible employment—
(i)as are liable to be paid under deduction of tax under PAYE regulations, after deducting any amounts included by virtue of the benefits code, or
(ii)as would be liable to be so paid apart from the SIP code;
(b)in the case of an individual not within the scope of the charge to tax under Part 2 of this Act, they are to be read as references to such of the earnings of the eligible employment as would have fallen within sub-paragraph (i) or (ii) of paragraph (a) if the individual had been within the scope of that charge to tax.
(5)In sub-paragraph (4) “the eligible employment” means the employment by reference to which the employee is eligible to participate in the plan.
Back to top