254 IntroductoryU.K.
This section has no associated Explanatory Notes
(1)Sections 255 and 256 apply if a company which is carrying on any [F1long-term business] is entitled or liable to any allowances or charges for a chargeable period in respect of plant or machinery consisting of a management asset.
(2)In this Chapter “management asset” has the same meaning as in Chapter 1 of Part 12 (life assurance business).
Textual Amendments
F1Words in s. 254(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 97