246(1) This section applies in relation to an employer's expenses of providing benefits to or in respect of present or former employees under an employer-financed retirement benefits scheme in a case where–
(a)the expenses do not consist of the making of contributions under the scheme, but
(b)in accordance with generally accepted accounting practice they are shown in the employer's accounts.
246(2) Unless the benefits are ones in respect of which a person is, on receipt, chargeable to income tax, the expenses–
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