BIM44130 - Specific deductions - employee share schemes: Contributions to QUESTs, a/c periods starting before 1 Jan 2003 - relief not claimed under FA89/S67

Payments to qualifying employee share ownership trusts which are not claimed as deductible under FA89/S67 will only be allowable deductions under general Schedule D principles, or as expenses of management, if they are:

• not capital in nature and satisfy the wholly and exclusively test of ICTA88/S74 (1)(a),

• • or, as appropriate,
    

• are properly regarded as an expense of management within ICTA88/S75.

Guidance on deductions for contributions to employee share ownership trusts under general Schedule D (‘case law’) principles is at BIM44140 onwards.