Sums paid to non-approved retirement benefit schemes and other trust funds will normally be deductible, provided they are of a revenue nature and that the benefits are chargeable to income tax on the employee. (See, however, ¶707-990 for details of the restriction that applies to the deduction of certain payments to employee benefit trusts.) A sum so paid is deductible as an expense of the trade in computing the taxable profits of that trade.

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