NIM24635 | Class 4 NICs: computation of liability: particular trades: marine pilots

s607 Income and Corporation Taxes Act (ICTA) 1988

Up until 5 April 2006, s607 of ICTA 1988 provided for the approval of a retirement benefits scheme for marine pilots.

Under s607(3) of ICTA 1988, members’ contributions were an allowable expense in computing the pilots’ profits assessable under Schedule D Case II. As the contributions were an allowable expense in arriving at the profit under Schedule D case II, they were allowable expenses in arriving at the Class 4 NICs profit and were not disallowed under paragraph 3(2)(f), Schedule 2, SSCBA 1992.