1297[F1Basic life assurance and general annuity business]U.K.
(1)This section applies if the employer is a company in relation to which [F2the I - E rules apply].
F3(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)For the [F5purpose of calculating the adjusted BLAGAB management expenses of the company for the purposes of section 73 of FA 2012], the employee benefit contributions are treated as expenses [F6debited, in accordance with generally accepted accounting practice, in the accounts drawn up by the company for that period].
(5)For the purposes of sections 1290 to 1296—
(a)any reference to a deduction for employee benefit contributions is to be read as a reference to [F7an amount constituting ordinary BLAGAB management expenses of the company for the purposes of section 76 of FA 2012], and
(b)references to deduction are to be read in that light.
Textual Amendments
F1S. 1297 heading substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 210(6)
F2Words in s. 1297(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 210(2)
F3S. 1297(2) omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 3(3), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2))
F4S. 1297(3) omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 3(3), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2))
F5Words in s. 1297(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 210(4)(a)
F6Words in s. 1297(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 210(4)(b)
F7Words in s. 1297(5)(a) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 210(5)