SCHEDULE 6Expenses of companies with investment business and insurance companies
Income and Corporation Taxes Act 1988
Change in ownership of investment company: deductions generally.
3
(1)
Section 768B of the Taxes Act 1988 is amended as follows.
(2)
In subsection (1) (case where section applies) for “an investment company” substitute “a company with investment business”.
(3)
In subsection (6) (treatment of expenses of management disbursed in the accounting period)—
(a)
for “are disbursed or treated as disbursed as expenses of management in the accounting period” substitute “are, or are treated as, expenses of management referable to the accounting period”;
(b)
in the words following paragraph (b), for “as disbursed in that part” substitute “expenses of management referable to that part”.
(4)
In subsection (8) (treatment of capital allowances apportioned to either part of the accounting period) for “75(4)” substitute “75(7)”.
(5)
In subsection (9) (which prevents certain sums being deducted under section 75 of the Taxes Act 1988) in paragraph (a) for “sums disbursed” substitute “expenses of management deductible”.
(6)
In subsection (14) (meaning of “investment company”) for ““investment company”” substitute ““company with investment business””.
(7)
The sidenote to the section accordingly becomes “Change in ownership of company with investment business: deductions generally”.