68.—(1) Section 357 of ITEPA(1) 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).”.