Point in time view as at 17/07/2012.
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.
(1)Subsection (2) applies if a company—
(a)carries on basic life assurance and general annuity business, and
[F2(b)is charged to tax [F3in accordance with the I - E rules] in respect of [F4that 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 [F5for the purposes of section 76 of FA 2012 as deemed BLAGAB management expenses for the chargeable period in question], 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 [F6company as receiving for the chargeable period in question an amount which is equal to the amount of the charges (or parts of charges) and to which the charge to corporation tax on income applies].
F7(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F8(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Word in s. 256 heading substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 99(5)
F2S. 256(1)(b) substituted (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 23 (with Sch. 8 Pt. 2)
F3Words in s. 256(1)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 99(2)(a)
F4Words in s. 256(1)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 99(2)(b)
F5Words in s. 256(2)(a) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 99(3)
F6Words in s. 256(2)(b) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 492(2) (with Sch. 2 Pts. 1, 2)
F7S. 256(3) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 99(4)
F8S. 256(4) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 99(4)
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)
C2S. 256 modified (with effect in accordance with reg. 1(2) of the commencing S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), regs. 1(1), 44
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