Section 365 Deductions where certain employment-related benefits providedF3
United Kingdom
A deduction from earnings is allowed if—
the earnings include an amount treated as earnings under Chapter 10 of Part 3 (taxable benefits: residual liability to charge) in respect of a benefit, ...
the cost of the benefit was determined under section 204 or 206, and
had the employee incurred and paid the cost of the benefit, the whole or part of the amount paid would have been deductible under Chapter 2 or 5 of this Part.
The deduction is equal to the amount that would have been so deductible.
For the purposes of this section, the cost of the benefit is determined in accordance with F2section 204 or 206 .
Annotations
Textual amendments
- F1
S. 365(1)(aa) inserted (with effect in accordance with s. 8(5) of the amending Act) by Finance Act 2017 (c. 10), s. 8(4)(a)(ii)
- F2
Words in s. 365(3) substituted (with effect in accordance with s. 8(5) of the amending Act) by Finance Act 2017 (c. 10), s. 8(4)(b)
- F3
Words in s. 365 heading substituted (with effect in accordance with s. 8(5) of the amending Act) by Finance Act 2017 (c. 10), s. 8(4)(c)