Income Tax (Earnings and Pensions) Act 2003 section 47

Minimum amount of deductions

Section 47 deals with the minimum deduction amount that a Share Incentive Plan may specify under a partnership share agreement.

• A Share Incentive Plan may set a minimum amount to be deducted from an employee's salary under a partnership share agreement on any occasion.
• This minimum deduction amount must be specified within the plan itself.
• The specified minimum amount must not exceed £10.
• Setting a minimum deduction is optional — the plan "may" include this provision but is not required to do so.