Intangible fixed assets: special provisions relating to insurance companies
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Memorandwm Esboniadol
67.—(1) In Schedule 29 to the Finance Act 2002 paragraph 36 is amended as follows.
(2) In sub-paragraph (3) (insurance company carrying on basic life assurance and general annuity business) for paragraph (c) (non-trading loss treated as additional expenses of management) substitute—
“(c)any resulting non-trading loss in respect of intangible assets is treated as expenses payable falling to be brought into account at Step 3 in section 76(7) of the Taxes Act 1988.”.