# Finance Act 2004, Section 248: Employer’s cost of insuring against non-payment of benefit


(1) Section 307 of ITEPA 2003 (no liability to income tax in respect of chargeable benefit on provision made by employer for a retirement or death benefit) is amended as follows.
(2) After subsection (1) insert—
“(1A) Subsection (1) does not apply to provision made for insuring against the risk that a retirement or death benefit under an employer-financed retirement benefits scheme cannot be paid or given because of the employer’s insolvency.
(1B) In subsection (1A) “employer-financed retirement benefits scheme” has the same meaning as in Chapter 2 of Part 6 (see section 393A).”
(3) In subsection (2), for “subsection (1)” substitute “this section”.

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Source: https://www.legislation.gov.uk/ukpga/2004/12/section/248 (the official version)
Page: https://openlegislation.uk/finance-act-2004/section-248
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.