Part 14Remediation of contaminated F1or derelict land
Chapter 4Special provision for life assurance business
Relief F3...
Words in Pt. 14 Ch. 4 cross-heading omitted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 7 para. 12(8)
1161Relief in respect of I minus E basis: F2... expenses payable
1
A company is entitled to relief for an accounting period if conditions A, B and C are met.
2
Condition A is that F5a major interest in land in the United Kingdom is a management asset of the company.
F43
Condition B is that—
a
in the case of land in a contaminated state, the land was in a contaminated state at the time of the acquisition by the company of a major interest in the land, and
b
in the case of land in a derelict state, the land was in a derelict state throughout the period beginning with the earlier of—
i
1 April 1998, and
ii
the date on which a major interest in the land was first acquired by the company or a person who was connected with the company.
3A
The Treasury may by order—
a
specify circumstances in which the condition in paragraph (a) of subsection (3) need not be met, or
b
replace the date for the time being specified in paragraph (b)(i) of that subsection with a later date.
3B
An order under subsection (3A) may contain incidental, supplemental, consequential and transitional provision and savings.
4
F85
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6
The relief is that the company may treat F9... the qualifying Chapter 4 expenditure as expenses payable which fall to be brought into account for the accounting period at Step 1 in section 76(7) of ICTA (deduction for expenses payable).
7
For the purposes of this section land is a management asset of a company if it is—
a
an asset provided for use or used for the management of life assurance business carried on by the company, or
b
an asset in respect of which expenditure is being incurred with a view to such use by the company.
Words in Pt. 14 heading inserted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by Finance Act 2009 (c. 10), Sch. 7 para. 2