Part 12

Supplementary provisions
Chapter 1

LONG-TERM business

Investment assets
545
1
This section applies if a company which is carrying on any long-term business holds an asset for purposes other than the management of that business.
2
“Investment asset” means an asset that is within subsection (1).
3
No allowance in respect of an investment asset is to be taken into account in calculating for corporation tax purposes the profits of any non-BLAGAB long-term business carried on by the company.
S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14) , Sch. 30 para. 7
Words in Pt. 12 Ch. 1 heading substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 102
S. 545(3) substituted for s. 545(3)-(5) (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 104(3)
Words in s. 545(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 104(2)