Chapter 1U.K. [F1LONG-TERM] business
Textual Amendments
F1Words in Pt. 12 Ch. 1 heading substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 102
544 Management assetsU.K.
(1)No allowances are to be given or charges imposed in respect of management assets of any [F2long-term business] carried on by a company except under Part 2 (plant and machinery allowances).
(2)An asset is a management asset of any [F2long-term business] carried on by a company if it is provided for use, or used, for the management of that business of that company.
F3(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Words in s. 544(1)(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 103(2)
F3S. 544(3) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 103(3)
F4S. 544(5) repealed (with effect in accordance with Sch. 10 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 14(8)(b), Sch. 27 Pt. 2(10)
545 Investment assetsU.K.
(1)This section applies if a company which is carrying on any [F5long-term business] holds an asset for purposes other than the management of that business.
(2)“Investment asset” means an asset that is within subsection (1).
[F6(3)No allowance in respect of an investment asset is to be taken into account in calculating for corporation tax purposes the profits of any non-BLAGAB long-term business carried on by the company.]
Textual Amendments
F5Words in s. 545(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 104(2)
F6S. 545(3) substituted for s. 545(3)-(5) (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 104(3)