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Removal of benefit-in-kind charge from employer contributions to PRSAs and PEPPs
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22. (1) Section 118 of the Principal Act is amended by the substitution of the following subsection for subsection (5):
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“(5) Subsection (1) shall not apply to expense incurred by the body corporate in or in connection with the provision for a director or employee, or for the director’s or employee’s spouse, civil partner, children or dependants, or the children of the director’s or employee’s civil partner of any pension, annuity, lump sum, gratuity, contribution to a Personal Retirement Savings Account (within the meaning of Chapter 2A of Part 30), contribution to a PEPP (within the meaning of Chapter 2D of Part 30) or other like benefit to be given on the death or retirement of the director or employee.”.
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(2) Section 787E of the Principal Act is amended—
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(a) in subsection (1), by the deletion of “, or deemed in accordance with subsection (2) to have been made by,”, and
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(b) by the deletion of subsection (2).
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(3) Section 897A of the Principal Act is amended, in subsection (1), in the definition of “PRSA employer contribution”, by the substitution of “section 787J(2)” for “section 787E(2) ”.
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(4) Section 985A of the Principal Act is amended, in subsection (1), in subparagraph (i) of paragraph (a), by the deletion of “, other than a contribution to a PRSA (within the meaning of Chapter 2A of Part 30),”.
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