For section 255 substitute—

“255Apportionment of allowances and charges

(1)

This section applies if the long-term business of the company consists of—

(a)

basic life assurance and general annuity business, and

(b)

non-BLAGAB long-term business.

(2)

In that case—

(a)

any allowance to which the company is entitled for a chargeable period in respect of a management asset, and

(b)

any charge to which it is liable for a chargeable period in respect of a management asset,

must be apportioned between the businesses in accordance with Chapter 7 of Part 2 of FA 2012.”