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

Relief for contributions to certain bodies

3.—(1) Section 79 (contributions to local enterprise agencies)(1), section 79A (contributions to training and enterprise councils, business link organisations and local enterprise companies)(2), and section 79B (contributions to urban regeneration companies)(3) are each amended as follows.

(2) In subsection (2) (contribution by investing company treated as expenses of management) for “an investment company” substitute “a company with investment business”.

(3) After subsection (2) insert—

“(2A) Where any such contribution is made by a company in relation to which section 76 applies (expenses of insurance companies) any expenditure allowable as a deduction under subsection (1) above shall for the purposes of that section be treated as expenses payable which fall to be brought into account at Step 1 in subsection (7) of that section.”.

(1)

There are amendments which are not relevant for present purposes.

(2)

Section 79A was inserted by section 76 of the Finance Act 1990 (c. 29) and amended by section 145 of the Finance Act 1994 (c. 9) and section 88 of the Finance Act 2000 (c. 17).

(3)

Section 79B was inserted by section 180 of the Finance Act 2003 (c. 14).