Deductions: directors’ and officers’ liabilities: amounts on which relief due
Section 346 ITEPA 2003 Section 346 gives directors and employees deductions against the earnings of an office or employment for:
- amounts paid in respect of their liabilities related to the employment
- costs or expenses incurred in connection with a claim that they are subject to such a liability and
- so much of any premium paid under a qualifying contract of insurance as relates to indemnifying them against any such liabilities, costs or expenses.See
EIM30523 for the exclusion of matters that it would be unlawful to insure against.