[F1255[F1Apportionment of allowances and charges]U.K.
(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.]
Textual Amendments
F1S. 255 substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 98
Modifications etc. (not altering text)
C1S. 255 modified (31.12.2012) by The Friendly Societies (Modifications of the Tax Acts) Regulations 2012 (S.I. 2012/3008), regs. 1(1), 4 (with regs. 1(2), 2)