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Statutory redundancy payments and other employer's payments under the Employment Rights Act 1996 or the Employment Rights (Northern Ireland) Order by a company with investment business are allowable as management expenses¹. Where the payment is made by the Secretary of State or by the Department for Employment and Learning (in Northern Ireland) and the employer reimburses them for the payments, they are deductible as if made by the employer². Such payments made after the discontinuance of the investment business are treated as management expenses referable to the last accounting period in which the business was carried on³. Where the employer makes an addition to a redundancy payment after the discontinuance of the business, or part of it⁴, it is treated as a management expense (limited to three times the amount of the statutory payment) referable to the last accounting period in which the business was carried on⁵. Where the employee is employed partly in the employer's investment business and partly in other capacities, a just and reasonable