17(1)In calculating for [F1corporation tax purposes] the profits of a business carried on by an intermediary that is treated as making in connection with that business a [F2deemed employment payment], a deduction is allowed for—U.K.
(a)the amount of the payment, and
(b)the amount of any employer’s national insurance contributions paid by the intermediary in respect of it.
(2)The deduction allowed by this paragraph must be taken into account for the period of account in which the [F2deemed employment payment] is treated as made.
(3)No deduction in respect of the matters mentioned in sub-paragraph (1) may be made except in accordance with this paragraph.
[F3(4)In this paragraph and paragraph 18 expressions that are also used in Chapter 8 of Part 2 of the Income Tax (Earnings and Pensions) Act 2003 have the same meaning as in that Chapter.]
Textual Amendments
F1Words in Sch. 12 para. 17(1) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 520 (with Sch. 2)
F2Words in Sch. 12 para, 17 substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 244(2)(a) (with Sch. 7)
F3Sch. 12 para. 17(4) inserted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 244(2)(b) (with Sch. 7)