Section 42 Provision or payment out of employee benefit contributions

United Kingdom

(1)

For the purposes of section 38(2)(a)—

(a)

any qualifying benefits provided, or

(b)

any qualifying expenses paid,

by F1a scheme manager after the receipt by F2the scheme manager of employee benefit contributions are treated as being provided or paid out of the contributions.

(2)

This operates up to the total amount of the contributions reduced by the amount of any benefits or expenses previously provided or paid as mentioned in section 38(2)(a).

(3)

For the purposes of section 38(3)(a) any qualifying benefits provided by F3a scheme manager after the receipt by F4the scheme manager of employee benefit contributions are treated as being provided out of the contributions.

(4)

This operates up to the total amount of the contributions reduced by the amount of any benefits or expenses previously provided or paid as mentioned in section 38(2)(a) or (3)(a).

(5)

For the purposes of this section no account is taken of any other amount received or paid by the F5scheme manager .

Annotations

Textual amendments

F1: Words in s. 42(1) substituted (19.7.2007 with effect as stated in s. 34(13) of the amending Act) by Finance Act 2007 (c. 11), s. 34(11)(a)
F2: Words in s. 42(1) substituted (19.7.2007 with effect as stated in s. 34(13) of the amending Act) by Finance Act 2007 (c. 11), s. 34(11)(a)
F3: Words in s. 42(3) substituted (19.7.2007 with effect as stated in s. 34(13) of the amending Act) by Finance Act 2007 (c. 11), s. 34(11)(b)
F4: Words in s. 42(3) substituted (19.7.2007 with effect as stated in s. 34(13) of the amending Act) by Finance Act 2007 (c. 11), s. 34(11)(b)
F5: Words in s. 42(5) substituted (19.7.2007 with effect as stated in s. 34(13) of the amending Act) by Finance Act 2007 (c. 11), s. 34(11)(c)