Paragraph 68 Business entertainment and gifts: exception where employer’s expenses disallowed

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch. para. 34 revoked by Taxation (International and Other Provisions) Act 2010 Sch. 10 Pt. 1
Sch. para. 32 revoked by Taxation (International and Other Provisions) Act 2010 Sch. 10 Pt. 9
Sch. para. 4 revoked by Taxation (International and Other Provisions) Act 2010 Sch. 10 Pt. 12
Sch. para. 36 revoked by Overseas Life Insurance Companies 2006 reg. 43(2) Sch. Pt. 2
Sch. para. 20 revoked by Corporation Tax Act 2010 Sch. 3 Pt. 1
Sch. para. 39 revoked by Corporation Tax Act 2010 Sch. 3 Pt. 1
Sch. para. 32 33 revoked by Corporation Tax Act 2010 Sch. 3 Pt. 2
Sch. para. 33 revoked by Taxation (International and Other Provisions) Act 2010 Sch. 10 Pt. 9

(1)

Section 357 of ITEPA^f1 is amended as follows.

(2)

For subsection (3) (amount disallowed in calculating employer’s expenses of management) substitute—

“(3)

Condition B is that the inclusion of the amount falls to be disallowed (or would be disallowed apart from some other relief applying to the employer) under that section in calculating—

(a)

the employer’s expenses of management for the purposes of giving relief under the Tax Acts, or

(b)

the employer’s expenses deduction under section 76 of ICTA (companies carrying on life assurance business).”.

Annotations

Footnotes

f1: 2003 c. 1.