SCHEDULES
SCHEDULE 16Part 2: minor and consequential amendments
PART 3Amendments of other Acts
98Capital Allowances Act 2001
For section 255 substitute—
255Apportionment 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.