SCHEDULES

SCHEDULE 16Part 2: minor and consequential amendments

PART 3Amendments of other Acts

Finance Act 2004

112

FA 2004 is amended as follows.

113

In section 196(4) (relief for employers in respect of contributions paid)—

a

in the opening words, for “section 76 of ICTA” substitute “ section 76 of FA 2012 ”, and

b

in paragraph (a), for “brought into account at Step 1 in subsection (7) of that section to the extent that they otherwise would not be” substitute “ treated as meeting the conditions in section 77(2)(a) and (c) of that Act to the extent that they would otherwise not meet them ”.

114

In section 196A(4)(c) (power to restrict relief), for “brought into account at Step 1 in section 76(7) of ICTA (expenses of insurance companies) in respect of the employer” substitute “ ordinary BLAGAB management expenses of the employer for an accounting period for the purposes of section 76 of FA 2012 ”.

115

In section 196L(2) (employer asset-backed contributions: supplementary), as inserted by Part 3 of Schedule 13 to this Act, for paragraph (c) substitute—

c

the contribution being ordinary BLAGAB management expenses of the employer for an accounting period for the purposes of section 76 of FA 2012.

116

In section 197(10)(b) (spreading of relief), for “section 76 of ICTA” substitute “ section 76 of FA 2012 ”.

117

In section 199 (deemed contributions), for subsection (5) substitute—

5

And, for the purposes of section 76 of FA 2012, it is to be treated as meeting the conditions in section 77(2)(a) and (c) of that Act to the extent that it would otherwise not meet them.

118

In section 199A(10)(c) (indirect contributions), for “brought into account at Step 1 in section 76(7) of ICTA (expenses of insurance companies) in respect of E” substitute “ ordinary BLAGAB management expenses of E for an accounting period for the purposes of section 76 of FA 2012 ”.

119

In section 200 (no other relief for employers in connection with contributions), for paragraph (c) substitute—

c

are to count as ordinary BLAGAB management expenses of the employer for an accounting period for the purposes of section 76 of FA 2012,

120

1

Section 246 (restriction of deduction for non-contributory provision) is amended as follows.

2

In subsection (2), for paragraph (c) substitute—

c

are not to count as ordinary BLAGAB management expenses of the employer for an accounting period for the purposes of section 76 of FA 2012.

3

In subsection (3)(b), for “section 76 of ICTA” substitute “ section 76 of FA 2012 ”.

121

In section 246A(4)(c) (case where no relief for provision by an employer), for “brought into account at Step 1 in section 76(7) of ICTA (expenses of insurance companies) in respect of the employer” substitute “ ordinary BLAGAB management expenses of the employer for an accounting period for the purposes of section 76 of FA 2012 ”.

122

In section 280(1) (abbreviations)—

a

omit the “and” before the definition of “CTA 2009”, and

b

after that definition insert—

  • “FA 2012” means the Finance Act 2012.