SCHEDULES
SCHEDULE 21Approved share plans and schemes
Part 1Share incentive plans
Partnership shares
7
1
Paragraph 46 (maximum amount of partnership share money deductions) is amended as follows.
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.