Section 1297 Basic life assurance and general annuity businessF7

United Kingdom

(1)

This section applies if the employer is a company in relation to which F1the I - E rules apply.

F2(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

For the F4purpose of calculating the adjusted BLAGAB management expenses of the company for the purposes of section 73 of FA 2012, the employee benefit contributions are treated as expenses F5debited, in accordance with generally accepted accounting practice, in the accounts drawn up by the company for that period.

(5)

For the purposes of sections 1290 to 1296—

(a)

any reference to a deduction for employee benefit contributions is to be read as a reference to F6an amount constituting ordinary BLAGAB management expenses of the company for the purposes of section 76 of FA 2012, and

(b)

references to deduction are to be read in that light.

Annotations

Textual amendments

F1: Words in s. 1297(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 210(2)
F2: S. 1297(2) omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 3(3), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2))
F3: S. 1297(3) omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 3(3), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2))
F4: Words in s. 1297(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 210(4)(a)
F5: Words in s. 1297(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 210(4)(b)
F6: Words in s. 1297(5)(a) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 210(5)
F7: S. 1297 heading substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 210(6)

Notes on Chapter 1

Modifications

C1: Pt. 20 Ch. 1 applied by 1989 c. 26, s. 85(2BA) (as substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 348(4) (with Sch. 2 Pts. 1, 2))
C2: Pt. 20 Ch. 1 applied (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 92(4) (with s. 147, Sch. 17)