Finance Act 2003

“Qualifying expenses” U.K.

3 U.K. In this Schedule “qualifying expenses”—

(a) does not include expenses that, if incurred by the employer, would not be deductible in calculating for [F1 corporation tax purposes] the employer’s profits for any period, but

(b) subject to that, includes any expenses of the third party (other than the provision of benefits to employees of the employer) in operating the employee benefit scheme in question.

Textual Amendments

F1 Words in Sch. 24 para. 3(a) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 624(3) (with Sch. 2)