No allowances are to be given or charges imposed in respect of management assets of any life assurance business carried on by a company except under Part 2 (plant and machinery allowances).

An asset is a management asset of any life assurance business carried on by a company if it is provided for use, or used, for the management of that business of that company.

The management of any life assurance business consists of pursuing those purposes expenditure on which falls to be regarded as expenses payable for the purposes of section 76 of ICTA .

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