# The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004, Paragraph 28: Training courses for employees


(1) Section 588 is amended as follows.
(2) For subsection (4) (modification of subsection (3) for expenses of management) substitute—
“(4) Where the employer is a company with investment business or a company carrying on life assurance business, subsection (3) above shall have effect with the substitution for the words following paragraph (b) of—
“then, if and so far as that expenditure would not, apart from this subsection, fall to be so deductible or brought into account, it shall—
(i) in a case where the employer is a company with investment business, be deductible as expenses of management under section 75, or
(ii) in a case where the employer is a company carrying on life assurances business, be brought into account under section 76 as expenses payable.”.”.
(3) After subsection (5) (consequences of failure to meet condition) insert—
“(5A) The reference in subsection (5)(b) above to a deduction on account of any expenditure includes a reference to bringing an amount into account in determining the amount of the deduction to be made under section 76.”.

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Source: https://www.legislation.gov.uk/uksi/2004/2310/schedule/paragraph/28 (the official version)
Page: https://openlegislation.uk/finance-act-2004-sections-38-to-40-and-45-and-schedule-6-consequential-amendment-of-enactments-order-2004/schedule/paragraph-28
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.