SCHEDULES

SCHEDULE 2F1... share incentive plans

Annotations:
Amendments (Textual)
F1

Word in Sch. 2 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 14, 89 (with Sch. 8 paras. 90-96)

Part 6Partnership shares

Deductions from salary

45

1

The plan must provide for a partnership share agreement to be given effect by deductions from the employee’s salary.

2

Amounts so deducted are referred to in the SIP code as “partnership share money”.

3

The partnership share agreement must specify—

a

what amounts are to be deducted, and

b

at what intervals;

but this does not prevent the employee and the company agreeing to vary those amounts or intervals.

4

For the purposes of sub-paragraph (3)(a) the agreement may specify a percentage of the employee’s salary.

5

The plan must require the employer company to calculate the amounts and intervals having regard to paragraph 46 (maximum amount of deductions from salary).

6

In sub-paragraph (5) “the employer company” means the company by reference to which the employee meets the employment requirement in relation to the plan.