545 Investment assetsU.K.
This section has no associated Explanatory Notes
(1)This section applies if a company which is carrying on any [F1long-term business] holds an asset for purposes other than the management of that business.
(2)“Investment asset” means an asset that is within subsection (1).
[F2(3)No allowance in respect of an investment asset is to be taken into account in calculating for corporation tax purposes the profits of any non-BLAGAB long-term business carried on by the company.]
Textual Amendments
F1Words in s. 545(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 104(2)
F2S. 545(3) substituted for s. 545(3)-(5) (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 104(3)