Finance Act 1997

65 National Insurance contributions.U.K.

(1)Section 617 of the Taxes Act 1988 (social security benefits and contributions) shall be amended as follows.

(2)In subsection (3) (which provides that, subject to subsection (4) and (5), no relief or deduction shall be given in respect of National Insurance contributions) the words “and (5)” shall be omitted in consequence of the repeal of subsection (5) by section 147 of the M1Finance Act 1996.

(3)For subsection (4) (exception from subsection (3) for secondary Class 1 contributions which are allowable as a deduction in certain computations) there shall be substituted—

(4)Subsection (3) above shall not apply to a contribution if it is a secondary Class 1 contribution or Class 1A contribution (within the meaning of Part I of either of those Acts) and is allowable—

(a)as a deduction in computing profits or gains;

(b)as expenses of management deductible under section 75 or under that section as applied by section 76;

(c)as expenses of management or supervision deductible under section 121;

(d)as a deduction under section 198 from the emoluments of an office or employment; or

(e)as a deduction under section 332(3)(a) from the profits, fees or emoluments of the profession or vocation of a clergyman or minister of any religious denomination.

(4)Subsection (2) above has effect in relation to the year 1996-97 and subsequent years of assessment.

(5)Subsection (3) above has effect in relation to contributions paid on or after 26th November 1996.

Marginal Citations