SCHEDULES

SCHEDULE 16 U.K.Part 2: minor and consequential amendments

PART 3 U.K.Amendments of other Acts

Capital Allowances Act 2001 U.K.

98 U.K.For section 255 substitute—

“255 Apportionment 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.”