EIM30509 - Deductions: directors’ and officers’ liabilities: amounts on which relief due

Section 346 ITEPA 2003

Section 346 gives directors and employees deductions against the earnings of an office or employment for:

• amounts paid in respect of their liabilities related to the employment
• costs or expenses incurred in connection with a claim that they are subject to such a liability and
• so much of any premium paid under a qualifying contract of insurance as relates to indemnifying them against any such liabilities, costs or expenses.

See EIM30523 for the exclusion of matters that it would be unlawful to insure against.