Income Tax (Earnings and Pensions) Act 2003

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

(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 ”.