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Corporation Tax Act 2009

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Changes over time for: Section 1240

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Version Superseded: 17/07/2012

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Point in time view as at 01/09/2009. This version of this provision has been superseded. Help about Status

Changes to legislation:

Corporation Tax Act 2009, Section 1240 is up to date with all changes known to be in force on or before 18 January 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. Help about Changes to Legislation

1240Payments in respect of employment wholly in employer's businessU.K.
This section has no associated Explanatory Notes

(1)This section applies if the payment is in respect of the employee's employment wholly in the employer's investment business.

(2)The amount of the payment is treated for the purposes of Chapter 2 as expenses of management.

(3)The deduction allowable by virtue of this section for an approved contractual payment must not exceed the amount which would have been due to the employee if a redundancy payment had been payable.

(4)If the payment is referable (see sections 1224 to 1227) to an accounting period beginning after the business has permanently ceased to be carried on, it is treated as referable to the last accounting period in which the business was carried on.

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