BIM44090 - Measuring the profits (specific rules & practices) - receipts & deductions: specific deductions - employee share schemes: providing shares - accounting periods starting before 1 January 2003: contributions to qualifying employee share ownership trusts (QUESTs) - conditions for relief

FA89/S67 provides that for a contribution by a company to qualify for the relief both the following conditions apply:

• the trustees, before the end of the `expenditure period' (see BIM44095), must expend the contribution for one or more of certain specified `qualifying purposes' (see BIM44100), and
• the company must make a claim for the relief within two years of the end of the period of account for which the contribution is charged as an expense (see FA89/S67 (1)(e) and (6)).

A claim is necessary to distinguish relief given under FA89/S67 from a deduction for a contribution which is claimed under the ordinary rules of Schedule D, since only the former relief is subject to the clawback charges imposed by FA89/S68 - FA89/S72 (see BIM44125).