(This archived guidance relates to HMRC discretionary
practice before the 6th April 2006. For current guidance on
Registered Pension Schemes see the Registered Pension Schemes
Manual)
The Finance Act 1984 introduced a new scheme for relief from
income tax where employees were given an option to buy shares in
their employer company. In certain circumstances Schedule E
liability applied and any sums assessed could be taken into account
as fluctuating emoluments for final remuneration and in the 15%
limit test for employee contributions (see PSI 4.1.6).
