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Capital Allowances Act 2001

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Changes over time for: Section 256

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Version Superseded: 06/04/2005

Status:

Point in time view as at 28/09/2004. This version of this provision has been superseded. Help about Status

Changes to legislation:

Capital Allowances Act 2001, Section 256 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

256 Different giving effect rules for different categories of businessU.K.
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(1)Subsection (2) applies if a company—

(a)carries on basic life assurance and general annuity business, and

(b)does not fall to be charged to tax in accordance with the provisions applicable to Case I of Schedule D in respect of the profits of that business.

(2)If this subsection applies—

(a)any allowances (or parts of allowances) to which the company is entitled in respect of the basic life assurance and general annuity business are to be given effect by treating them as [F1expenses payable which fall to brought into account at Step 3 in section 76(7)] of ICTA, and

(b)any charges (or parts of charges) to which the company is liable in respect of that business are to be given effect by treating the amount of the charges (or parts of charges) as income under Case VI of Schedule D for the chargeable period in question.

(3)Subsection (4) applies if, for a chargeable period, a company is charged to tax under—

(a)section 436 of ICTA (pension business and ISA business),

(b)section 439B of ICTA (life reinsurance business), or

(c)section 441 of ICTA (overseas life assurance business).

(4)If this subsection applies, then, for the purpose of calculating the profit under Case VI of Schedule D for the chargeable period in question—

(a)any allowances (or parts of allowances) to which the company is entitled in respect of any particular category of business are to be given effect by treating them as an expense of that category of business, and

(b)any charges (or parts of charges) to which the company is liable in respect of any particular category of business are to be given effect by treating them as receipts of that category of business.

Textual Amendments

F1Words in s. 256(2)(a) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendments of Enactments) Order 2004 (S.I. 2004/2310), art. 1(2), Sch. para. 55(2)

Modifications etc. (not altering text)

C1S. 256 modified (1.1.2002) by S.I. 1997/473, reg. 53C (as inserted by S.I. 2001/3975, reg. 8)

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