Income Tax (Trading and Other Income) Act 2005 section 44

Interpretation of sections 38 to 44

Section 44 provides the definitions of key terms used throughout sections 38 to 43, which deal with the restriction of tax deductions for employee benefit contributions.

• Defines terms such as "accident benefit scheme", "employee benefit contribution", "employee benefit scheme", "employer", "qualifying benefits", "qualifying expenses" and "scheme manager" for the purposes of sections 38 to 43
• An "employer-financed retirement benefits scheme" takes its meaning from ITEPA 2003, covering schemes that provide retirement benefits to employees or former employees but excluding registered pension schemes
• "Qualifying expenses" are costs a third party incurs in running an employee benefit scheme (other than providing benefits to employees) that the employer could have deducted against profits had the employer incurred those costs directly
• References to an employee in sections 38 to 44 include the holder of an office under that person, and the term "employment" is to be read accordingly