SCHEDULES

SCHEDULE 8 Life assurance business

Part I General amendments

Capital allowances

23

F11

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2

In section 75(4) of the Taxes Act 1988 omit the words “and insurance”.

3

In section 86 of the Finance Act 1989 (spreading of relief for acquisition expenses), after subsection (5) insert—

5A

References in this section to expenses of management do not include any amounts treated as additional expenses of management by virtue of section 434D(6)(a) of the Taxes Act 1988 (capital allowances in respect of expenditure on management assets).