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Finance Act 1990

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This is the original version (as it was originally enacted).

9In section 28 of the [1990 c. 1.] Capital Allowances Act 1990—

(a)in subsection (1), after the words “subsection (2)” there shall be inserted the words “or (2A)”,

(b)in subsection (2), the words “Subject to subsection (2A) below,” shall be inserted at the beginning,

(c)after subsection (2) there shall be inserted—

(2A)Where a company carrying on the business of life assurance is charged to tax under section 441 of the principal Act in respect of the profits of the overseas life assurance business for an accounting period—

(a)any allowance in respect of expenditure on the provision of machinery or plant for use for the management of the overseas life assurance business which falls to be made for the period by virtue of this section shall be given effect by treating it as an expense of that business for that period, and

(b)any charge in respect of such expenditure which falls to be so made shall be given effect by treating it as a receipt of that business for that period;

and sections 73, 144 and 145, and section 75(4) of the principal Act, shall not apply., and

(d)in subsection (5), after the words “subsection (2)” there shall be inserted the words “or (2A)”.

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