1[F1(1)This Schedule applies if, in calculating for corporation tax purposes the profits of a person (“the employer”) for a period, a deduction would otherwise be allowable for the period in respect of employee benefit contributions made or to be made (but see paragraph 8).U.K.
(2)For the purposes of this Schedule, an “employee benefit contribution” is made if, as a result of any act or omission—
(a)property is held, or may be used, under an employee benefit scheme, or
(b)there is an increase in the total value of property that is so held or may be so used (or a reduction in any liabilities under an employee benefit scheme).]
(3)The deduction in respect of employee benefit contributions mentioned in sub-paragraph (1) is allowed only to the extent that—
(a)during the period in question or within nine months from the end of it—
(i)qualifying benefits are provided out of the contributions, or
(ii)qualifying expenses are paid out of the contributions,
or
(b)where the making of the contributions is itself the provision of qualifying benefits, the contributions are made during that period or within those nine months.
(4)An amount disallowed under sub-paragraph (3) is allowed as a deduction for a subsequent period to the extent that—
(a)qualifying benefits are provided out of the employee benefit contributions in question before the end of that subsequent period, or
(b)where the making of the contributions is itself the provision of qualifying benefits, the contributions are made before the end of that subsequent period.
Textual Amendments
F1Sch. 24 para. 1(1)(2) substituted (with effect in accordance with s. 34(13) of the amending Act) by Finance Act 2007 (c. 11), s. 34(2)