Part 8Former employees: deductions for liabilities
Deductions F5in calculating net income
Annotations:
Amendments (Textual)
555Former employee entitled to deduction F1in calculating net income
1
This Part applies if—
a
a former employee makes a deductible payment, or
b
a former employer makes a deductible payment on behalf of a former employee and the payment is treated—
i
as a relevant retirement benefit, or
ii
as post-employment earnings,
of the former employee.
2
3
Subsection (2) applies only if the former employee makes a claim to the deduction.
4
The entitlement to a deduction under this section is subject to sections 556 and 557.
5
For the application of this Part in relation to former office-holders, see section 564.
F46
See section 263ZA of TCGA 1992 for relief from capital gains tax where the amount of the deduction allowed under this section exceeds the remaining total income (as defined in that section).
Words in s. 555 cross-heading substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 440(5) (with Sch. 2)