The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004

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29.—(1) Section 589A(1) is amended as follows.

(2) For subsection (9) (modification of subsection (8) for expenses of management) substitute—

“(9) Where the employer is a company with investment business or a company carrying on life assurance business, subsection (8) above shall have effect as if for the words from “so deductible” onwards there were substituted—

• “so deductible or brought into account, it shall—

  (a)

  in a case where the employer is a company with investment business, be deductible as expenses of management under section 75, or

  (b)

  in case where the employer is a company carrying on life assurance business, be brought into account under section 76 as expenses payable.”.”.

(1)

Section 589A was inserted by section 108 of the Finance Act 1993: the relevant amendment is that made by paragraph 1 of Schedule 7 to the Finance Act 1998.