Section 41 Timing and amount of certain qualifying benefits
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(1) If the provision of a qualifying benefit—
(a) takes the form of a payment of money, and
(b) is not made under an employer-financed retirement benefits scheme,
the benefit is provided for the purposes of section 38 when the money is treated as received for the purposes of Chapter 4 of Part 2 of ITEPA 2003 (applying the rules in section 18 of that Act (receipt of money earnings)).
(2) If the provision of a qualifying benefit takes the form of a transfer of an asset, the amount provided for the purposes of section 38 is the total of—
(a) the amount (if any) spent on the asset by [a scheme manager]1, and
(b) in a case where the asset was transferred to [a scheme manager]1 by the employer, the amount of the deduction that would be allowable as mentioned in subsection (1) of that section in respect of the transfer.
Amendments
1 Substituted for the words “the third party” by Finance Act 2007 section 34(10) in relation to employee benefit contributions made on or after 21 March 2007.
(3) But if the amount given by subsection (2) is more than the amount that—
(a) is charged to tax under ITEPA 2003 in respect of the transfer, or
(b) would be so charged if condition B in section 40 were met,
the deduction allowable under section 38(2) or (3) is limited to that lower amount.
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