[F1270HECompanies with investment businessU.K.
(1)This section applies if the qualifying activity of a person entitled to an allowance for a chargeable period is managing the investments of a company with 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 section 1233 of CTA 2009 (addition of allowances to company’s expenses of management) applies only so far as it cannot be given effect in this way.
(3)Except as provided by subsection (2), the Corporation Tax Acts apply in relation to the allowance as if it were required to be given effect in calculating the profits of that person’s trade for the purposes of Part 3 of CTA 2009.
(4)Corresponding allowances in the case of the same building or structure are not to be made under this Part both under this section and in any other way.
(5)Expenditure to which this section applies is not to be taken into account otherwise than under this Part or as provided by section 1233 of CTA 2009.
(6)This section is subject to sections 682(3) and 699(3) of CTA 2010.]
Textual Amendments
F1Pt. 2A inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 2