C1Part 3Trading income
Annotations:
Modifications etc. (not altering text)
Chapter 5Trade profits: rules allowing deductions
Contributions to agents' expenses
72Payroll deduction schemes: contributions to agents' expenses
1
This section applies if—
a
a company carrying on a trade (“the employer”) is liable to make payments to an individual,
b
income tax falls to be deducted from those payments as a result of PAYE regulations, and
c
the employer withholds sums from those payments in accordance with an approved scheme and pays the sums to an approved agent.
2
In calculating the profits of the employer's trade, a deduction is allowed for expenses incurred by the employer in making a payment to the agent for expenses which—
a
have been incurred, or
b
are to be incurred,
by the agent in connection with the agent's functions under the scheme.
3
In this section “approved agent” and “approved scheme” have the same meaning as in section 714 of ITEPA 2003.
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)