{
  "url": "https://openlegislation.uk/finance-act-2004/section-245",
  "json_url": "https://openlegislation.uk/finance-act-2004/section-245.json",
  "legislation": "ukpga/2004/12",
  "legislation_title": "Finance Act 2004",
  "legislation_url": "https://openlegislation.uk/finance-act-2004",
  "path": "section/245",
  "kind": "section",
  "number": "245",
  "heading": "Restriction of deduction for contributions by employer",
  "text": "(1) Schedule 24 to the Finance Act 2003 (c. 14) (restriction of deductions for employee benefit contributions) is amended as follows.\n(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(3) In sub-paragraph (1) of paragraph 2 (“qualifying benefits”), insert at the end\n“or\n(c) is made under an employer-financed retirement benefits scheme.”\n(4) In sub-paragraph (5) of that paragraph (when qualifying benefit treated as provided), after “payment of money” insert “otherwise than under an employer-financed retirement benefits scheme”.\n(5) In paragraph 8 (deductions to which Schedule does not apply), for paragraphs (b) and (c) substitute—\n“(b) in respect of contributions under a registered pension scheme or a section 615(3) scheme,\n(c) in respect of contributions under a qualifying overseas pension scheme in respect of an individual who is a relevant migrant member of the pension scheme in relation to the contributions,”.\n(6) In sub-paragraph (1) of paragraph 9 (interpretation), in the definition of “employee benefit scheme”, after “include,” insert “present or former”.\n(7) In that sub-paragraph, after the definition of “the employer” insert—\n““employer-financed retirement benefits scheme” has the same meaning as in Chapter 2 of Part 6 of the Income Tax (Earnings and Pensions) Act 2003 (see section 393A of that Act);”.\n(8) In that sub-paragraph, after the definition of “qualifying expenses” insert—\n““qualifying overseas pension scheme” has the same meaning as in Schedule 33 to the Finance Act 2004 (see paragraphs 5 and 6 of that Schedule);\n“registered pension scheme” has the same meaning as in Part 4 of that Act (see section 150 of that Act);\n“relevant migrant member” has the same meaning as in Schedule 33 to that Act (see paragraph 4 of that Schedule);\n“section 615(3) scheme” means a superannuation fund to which section 615(3) of the Taxes Act 1988 applies;”.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 245(2) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(5)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 245 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 15, 16"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "Pt. 4 Ch. 6 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 25"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2004/12/section/245",
    "retrieved_at": "2026-10-29T09:17:16.113356+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}