Finance Act, 1963

Deductions in relation to the establishment or alteration of superannuation schemes.

7.—Where a superannuation scheme is established in connection with a trade or undertaking or a superannuation scheme so established is altered and the person by whom the trade or undertaking is carried on makes, on or after the 6th day of April, 1963, a payment in respect of expenses (including a payment in respect of professional fees, but not including a payment by way of contribution towards the cost of providing the benefits payable under the scheme) in connection with such establishment or alteration, then, if the scheme or, as the case may be, the altered scheme is—

(a) operated through a fund approved, whether in whole or in part, by the Revenue Commissioners for the purposes of section 32 of the Finance Act, 1921 ,

(b) approved, whether in whole or in part, by the Revenue Commissioners under section 34 of the Finance Act, 1958 , or

(c) an excepted scheme within the meaning of subsection (2) of section 33 of the Finance Act, 1958 ,

the amount of the payment shall be allowed to be deducted in the computation, for the purposes of assessment to income tax, of the profits or gains of the trade or undertaking as an expense incurred when the payment is made:

Provided that where, in a case falling within paragraph (a) or paragraph (b) of this section, a part only of the relevant fund or scheme is approved as therein mentioned, the deduction shall be restricted to so much of the payment as is referable to that part.