FA03/SCH24 applies to deductions which would otherwise be
allowed in computing an employer’s taxable profits for a
period ending on or after 27 November 2002, in respect of
‘employee benefit contributions’ made by employers on
or after 27 November 2002.
Although FA03/Sch24 is sometimes described as applying to
Employee Benefit Trusts, the term ’Employee benefit
contributions’ has a broad definition. FA03/Sch24 applies to
payments by an employer to a third party who is required or
entitled to use them to provide benefits to employees under a
trust, scheme or other arrangement. It applies to intermediaries
who may be required, or may have discretion, to use them to provide
benefits to employees of the employer.
FA03/Sch24 does not apply to:
Guidance on relief under FA03/Sch24 can be found at BIM44575 onwards.
