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Income Tax (Earnings and Pensions) Act 2003

Paragraph 49: Partnership share money held for employee

3100.This paragraph states that the SIP must provide that partnership share money must be paid to the trustees and held by them on the employee’s behalf. The paragraph derives from paragraph 39(1), (3) and (4) of Schedule 8.

3101.In sub-paragraph (1) the words “in accordance with” have been replaced by the word “under”.

3102.Sub-paragraph (3) has been amended to take account of the amendments made by article 107 of the Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (SI 2001 No 3629).

3103.In sub-paragraph (4), the word order has been changed. The subject of the sentence has been placed first, followed immediately by the main verb, and the condition has been moved to the end of the sentence.

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