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)
“(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.
8
In paragraph 47 (minimum amount of deductions)—
(a)
for “in any month” substitute “
on any occasion
”
, and
(b)
omit sub-paragraph (3).