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Finance Act 2003
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Changes over time for: Paragraph 5
Version Superseded: 19/07/2007
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- 10/07/2003- Amendment
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Finance Act 2003, Paragraph 5 is up to date with all changes known to be in force on or before 23 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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5(1)This paragraph applies where the provision of a qualifying benefit takes the form of the transfer of an asset.U.K.
(2)The amount provided shall be taken for the purposes of this Schedule to be the total of—
(a)the amount (if any) expended on the asset by the third party, and
(b)in a case where the asset was transferred to the third party by the employer, the amount of the deduction that would be allowed as mentioned in paragraph 1(1) in respect of the transfer.
(3)But where the amount given by sub-paragraph (2) above is more than the amount that is charged to tax under the Income Tax (Earnings and Pensions) Act 2003 (c. 1) in respect of the transfer, or would be so charged if the condition in paragraph 2(3)(a) were met, the deduction allowable under paragraph 1(3) or (4) is limited to that lower amount.
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