Income Tax (Earnings and Pensions) Act 2003

Capital Allowances Act 2001 (c. 2)

247 (1) Amend section 4 (capital expenditure) as follows.

(2) For subsection (2)(b) substitute—

“(b) any expenditure or sum that may be allowed as a deduction under a relevant provision from the taxable earnings from an employment or office held by the person.”

(3) After subsection (2) insert—

“(2A) In subsection (2)—

• “relevant provision” means any of the following—

  (a)

  section 262;

  (b)

  section 232 of ITEPA 2003 (giving effect to mileage allowance relief);

  (c)

  Chapters 2 to 6 of Part 5 of that Act (general deductions allowed from earnings); and

  (d)

  sections 613(1), 619 and 639 of ICTA (contributions to pensions funds etc.), and

• “taxable earnings” has the meaning given by section 10 of ITEPA 2003.”

(4) In subsection (3) for “emoluments” substitute “earnings”.