Section 74 — Corporation Tax Act 2009: Retraining courses

Retraining courses 74 1 In calculating the profits of a trade, a deduction is allowed for retraining course expenses if—

a the company carrying on the trade (“ the employer ”) incurs the expenses, b they are incurred in relation to a person (“ the employee ”) who holds or has held an office or employment under the employer for the purposes of the trade, and c the relevant conditions are met.

2 In this section— “ retraining course expenses ” means expenses incurred in the payment or reimbursement of retraining course expenses within the meaning given by section 311(2) of ITEPA 2003, and “ the relevant conditions ” means— the conditions in subsections (3) and (4) of section 311 of ITEPA 2003 (employment income exemptions: retraining courses),

and in the case of travel expenses, the conditions in subsection (5) of that section.