Part 20General calculation rules

Chapter 1Restriction of deductions

Employee benefit contributions

1297F1Basic life assurance and general annuity business

(1)

This section applies if the employer is a company in relation to which F2the I - E rules apply.

F3(2)

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F4(3)

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(4)

For the F5purpose 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 F6debited, 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 F7an 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.