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Finance Act 2003

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Finance Act 2003, Paragraph 7 is up to date with all changes known to be in force on or before 29 January 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. Help about Changes to Legislation

7(1)Paragraph 46 (maximum amount of partnership share money deductions) is amended as follows.U.K.

(2)In sub-paragraph (1), for the words after “must not exceed” substitute “ £1,500 in any tax year. ”.

(3)In sub-paragraph (2), for the words after “an employee’s salary” substitute “ for any tax year must not exceed 10% of the employee’s salary for the tax year. ”.

(4)After that sub-paragraph insert—

(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)Sub-paragraphs (2) and (3) have effect for the year 2003-04 and subsequent years of assessment.

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