s 248 Employer’s cost of insuring against non-payment of benefit
(1) Section 307 of ITEPA 2003 (no liability to income tax in respect of chargeable benefit on provision made by employer for a retirement or death benefit) is amended as follows. (2) After subsection (1) insert— (1A) Subsection (1) does not apply to provision made for insuring against the risk that a retirement or death benefit under an employer-financed retirement benefits scheme cannot be paid or given because of the employer’s insolvency. (1B) In subsection (1A) “ employer-financed retirement benefits scheme ” has the same meaning as in Chapter 2 of Part 6 (see section 393A). (3) In subsection (2), for “subsection (1)” substitute “this section” .