A deduction for fees and subscriptions paid to professional bodies or learned societies under Section 344 ITEPA 2003 (formerly Section 201 ICTA 1988) are allowable where:
- A statutory fee or contribution shown in the list (see below) is allowable where employees (E) pay this out of their earnings from an employment, and are required to pay this as a statutory condition of following their employment.
- An annual subscription to a body shown in the list as approved by HMRC is allowable where employees (E) pay this out of their earnings from an employment and the activities of the body are directly relevant to the employment.
- The activities of a body are directly relevant to an employment where the performance of the duties of that employment (E) is directly affected by the knowledge concerned or (E) involves the exercise of the profession concerned.
The list shows professional bodies and learned societies, approved by HM Revenue & Customs (HMRC) for the purposes of Section 344 ITEPA 2003 (formerly S201 ICTA 1988). For example you will find ACCA listed as “Chartered Certified Accountants, Ass’n of **Acronym ACCA.”