Section 607 ICTA 1988 provides for the approval of a retirement
benefits scheme for marine pilots, see BIM61855 for further
information.
Under section 607(3) ICTA 1988, members’ contributions
are an allowable expense in computing the pilots’ trading
profits. As the contributions are an allowable expense in arriving
at the profit for tax purposes, they are allowable expenses in
arriving at the Class 4 NICs profit and are not disallowed under
paragraph 3(2)(f) of Schedule 2 SSCBA 1992.
