C1Part 3Trading income
Chapter 9Trade profits: other specific trades
Intermediaries treated as making employment payments
139Deduction for deemed employment payment
1
This section applies for the purpose of calculating the profits of a trade carried on by an intermediary which is treated as making a deemed employment payment in connection with the trade.
2
A deduction is allowed for—
a
the amount of the deemed employment payment, and
b
the amount of any employer's national insurance contributions paid by the intermediary in respect of it.
3
The deduction is allowed for the period of account in which the deemed employment payment is treated as made.
4
No deduction in respect of—
a
the deemed employment payment, or
b
any employer's national insurance contributions paid by the intermediary in respect of it,
may be made except in accordance with this section.
5
In this section “deemed employment payment” and “intermediary” have the same meaning as in Chapter 8 of Part 2 of ITEPA 2003 (see sections 49 and 50 of that Act).
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)