253[F1Companies with investment business]U.K.
(1)This section applies if the qualifying activity of a person entitled to an allowance or liable to a charge for a chargeable period is [F2managing the investment business].
(2)The allowance is, as far as possible, to be given effect by deducting the amount of the allowance from any income for the period of the business; and [F3section 1233 of CTA 2009] (addition of allowances to company’s expenses of management) applies only in so far as it cannot be given effect in this way.
(3)The charge is to be given effect by treating the amount of the charge as income of the business.
(4)Except as provided by subsections (2) and (3), the Corporation Tax Acts apply in relation to the allowance or charge as if they were required to be given effect in calculating the profits of that person’s trade for the purposes of [F4Part 3 of CTA 2009].
(5)Corresponding allowances or charges in the case of the same plant or machinery are not to be made under this Part both under this section and in another way.
(6)Expenditure to which this section applies is not to be taken into account otherwise than under this Part or as provided by [F5section 1233 [F6or 1244A] of CTA 2009].
(7)This section is subject to [F7sections 682(3) and 699(3) of CTA 2010].
Textual Amendments
F1 S. 253 heading substituted (with effect in accordance with art. 1(2) of the commencing 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. 54(3)
F2 Words in s. 253(1) substituted (with effect in accordance with art. 1(2) of the commencing 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. 54(2)
F3Words in s. 253(2) 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. 491(2) (with Sch. 2 Pts. 1, 2)
F4Words in s. 253(4) 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. 491(3) (with Sch. 2 Pts. 1, 2)
F5Words in s. 253(6) 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. 491(4) (with Sch. 2 Pts. 1, 2)
F6Words in s. 253(6) inserted (with effect in accordance with Sch. 5 para. 9 of the amending Act) by Finance Act 2015 (c. 11), Sch. 5 para. 8
F7Words in s. 253(7) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 348 (with Sch. 2)
Modifications etc. (not altering text)
C1S. 253 modified by Corporation Tax Act 2010 (c. 4), s. 676AJ(3) (as inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 75)