Section 245 | Restriction of deduction for contributions by employer

(1)Schedule 24 to the Finance Act 2003 (c. 14) (restriction of deductions for employee benefit contributions) is amended as follows.

(2)Repealed

(3)In sub-paragraph (1) of paragraph 2 (“qualifying benefits”), insert at the end

(c)is made under an employer-financed retirement benefits scheme.

(4)In sub-paragraph (5) of that paragraph (when qualifying benefit treated as provided), after “payment of money” insert “otherwise than under an employer-financed retirement benefits scheme”.

(5)In paragraph 8 (deductions to which Schedule does not apply), for paragraphs (b) and (c) substitute—

(b)in respect of contributions under a registered pension scheme or a section 615(3) scheme,

(c)in respect of contributions under a qualifying overseas pension scheme in respect of an individual who is a relevant migrant member of the pension scheme in relation to the contributions,

.

(6)In sub-paragraph (1) of paragraph 9 (interpretation), in the definition of “employee benefit scheme”, after “include,” insert “present or former”.

(7)In that sub-paragraph, after the definition of “the employer” insert—.

(8)In that sub-paragraph, after the definition of “qualifying expenses” insert—.