Paragraph 55 Life assurance business: different giving effect rules for different categories of business
(1)
Section 256 of the Capital Allowance Act 2001 is amended as follows.
(2)
In subsection (2)(a) (allowances in respect of basic life assurance and general annuity business to be treated as additional expenses of management within section 76 of the Taxes Act 1988) for “additional expenses of management within section 76” substitute “expenses payable which fall to brought into account at Step 3 in section 76(7)”.