SCHEDULEEXPENSES OF COMPANIES WITH INVESTMENT BUSINESS AND INSURANCE COMPANIES
ITEPA
Business entertainment and gifts: exception where employer’s expenses disallowed68
1
Section 357 of ITEPA67 is amended as follows.
2
For subsection (3) (amount disallowed in calculating employer’s expenses of management) substitute—
3
Condition B is that the inclusion of the amount falls to be disallowed (or would be disallowed apart from some other relief applying to the employer) under that section in calculating—
a
the employer’s expenses of management for the purposes of giving relief under the Tax Acts, or
b
the employer’s expenses deduction under section 76 of ICTA (companies carrying on life assurance business).