SCHEDULES
SCHEDULE 2F1... share incentive plans
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.
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)