Corporation Tax Act 2009

Excluded assets and computer software

902 Excluded assets

(1) Except as respects royalties, this Part does not apply to an intangible fixed asset so far as it is held by an insurance company for the purposes of its life assurance business.

(2) Accordingly, section 810(1) (which makes provision in the same terms as subsection (1) in relation to assets held for the purposes of any mutual trade or business) does not apply in relation to assets held for the purposes of life assurance business.

(3) Subsection (1) does not apply to computer software.

(4) Sections 801 and 802 apply so far as assets are excluded by this section as they apply so far as assets are excluded because of sections 810 to 813.

903 Elections to exclude capital expenditure on computer software

(1) An insurance company that carries on life assurance business may make an election under section 815 (election to exclude capital expenditure on software) in respect of so much of any capital expenditure on computer software as is not referable to its basic life assurance and general annuity business.

(2) In subsection (1) “capital expenditure” has the same meaning as if this section were in CAA 2001.