Modifications etc. (not altering text)
C1Pt. 20 Ch. 1 applied by 1989 c. 26, s. 85(2BA) (as substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 348(4) (with Sch. 2 Pts. 1, 2))
C2Pt. 20 Ch. 1 applied (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 92(4) (with s. 147, Sch. 17)
(1)This section applies if the employer is a company in relation to which [F2the I - E rules apply].
(2)In determining for the purposes of section 1290(1) whether a deduction would otherwise be allowable, the effect of [F3section 79 of FA 2012] (spreading of relief for acquisition expenses) is ignored.
(3)But section 1290(3) is subject to that section if, in accordance with subsection (2) above, an amount is allowed as a deduction for a particular period under section 1290(3).
(4)For the [F4purpose of calculating the adjusted BLAGAB management expenses of the company for the purposes of section 73 of FA 2012], the employee benefit contributions are treated as expenses [F5debited, in accordance with generally accepted accounting practice, in the accounts drawn up by the company for that period].
(5)For the purposes of sections 1290 to 1296—
(a)any reference to a deduction for employee benefit contributions is to be read as a reference to [F6an amount constituting ordinary BLAGAB management expenses of the company for the purposes of section 76 of FA 2012], and
(b)references to deduction are to be read in that light.
Textual Amendments
F1S. 1297 heading substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 210(6)
F2Words in s. 1297(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 210(2)
F3Words in s. 1297(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 210(3)
F4Words in s. 1297(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 210(4)(a)
F5Words in s. 1297(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 210(4)(b)
F6Words in s. 1297(5)(a) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 210(5)