Section 545 Investment assets
United Kingdom
(1)
This section applies if a company which is carrying on any F1long-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).
F2(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.
Annotations
Textual amendments
- F1
Words in s. 545(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 104(2)
- F2
S. 545(3) substituted for s. 545(3)-(5) (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 104(3)
Notes on Chapter 1
Textual amendments
- F1
Words in Pt. 12 Ch. 1 heading substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 102