[F1241BTravel where directorship held as part of trade or professionU.K.
(1)No liability to income tax arises in respect of a sum if or to the extent that it is paid wholly and exclusively for the purpose of paying or reimbursing travel expenses in respect of which conditions A to D are met.
(2)Condition A is that the employee is obliged to incur the expenses as holder of the employment.
(3)Condition B is that the employment is employment as a director of a company.
(4)Condition C is that the employee carries on a trade, profession or vocation (alone or in partnership).
(5)Condition D is that, in calculating the profits of that trade, profession or vocation for income tax purposes, a deduction is allowed under ITTOIA 2005 for the expenses, but no such deduction is to be made.
(6)In this section “director” has the same meaning as in the benefits code (see section 67).]
Textual Amendments
F1Ss. 241A, 241B inserted (with effect in accordance with art. 4 of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2014 (S.I. 2014/211), arts. 1, 2(1)