Part 4

Employment income: exemptions
Chapter 4

Exemptions: education and training

Individual learning account training

Exception where unrelated assets are provided
259
1
Section 255 does not apply if the benefit that is provided, or the use of which is provided, or the cost of which is paid or reimbursed is an asset that is not a training-related asset.
2
“Training-related asset”, in relation to individual learning account training provided to an employee or former employee, means—
a
an asset provided—
i
for use only in the course of the training, or
ii
for use in the course of the training and in the performance of the duties of the employee’s employment, but not to any significant extent for any other use, or
b
training materials provided in the course of the training, or
c
something made by the employee or former employee in the course of the training or incorporated into something so made.
3
For this purpose “training materials” includes stationery, books or other written material, audio or video tapes, compact disks or floppy disks.
Pt. 4 modified (10.6.2021) by Finance Act 2021 (c. 26), s. 26(3)