Paragraph 3 I1 I2

United Kingdom

(1)

In consequence of the amendment made by paragraph 2 the following amendments are made.

(2)

In FA 2012—

(a)

in section 76 (meaning of “adjusted BLAGAB management expenses”)—

(i)

omit Step 2;

(ii)

in Step 4 omit “(adjusted, where relevant, in accordance with step 2)”;

(b)

in section 77 (meaning of “ordinary BLAGAB management expenses” etc)—

(i)

in subsection (2), in paragraph (a) omit “(but see subsection (3))”;

(ii)

omit subsection (3) (acquisition expenses falling to be debited in successive accounting periods);

(c)

in section 78—

(i)

in subsection (3) (meaning of “deemed BLAGAB management expense for the accounting period”) omit “section 79 or”;

(ii)

in subsection (4) (meaning of “expenses reversed in the accounting period”), in paragraph (a) omit the words in brackets;

(d)

omit section 80 (section 79: meaning of “acquisition expenses”);

(e)

in section 81 (amounts treated as ordinary BLAGAB management expenses) omit subsection (5);

(f)

in section 82(2) (restrictions in relation to ordinary BLAGAB management expenses) omit the words from “; but” to the end;

(g)

in section 108(3) (meaning of a “BLAGAB matter”) omit paragraph (b);

(h)

in section 128 (relief for transferee in respect of transferor’s BLAGAB expenses)—

(i)

in the heading, after “transferor’s” insert “excess”;

(ii)

omit subsections (2) to (4);

(i)

in Part 3 of Schedule 16 (minor and consequential amendments), in paragraph 210 (amendment of section 1297 of CTA 2009) omit sub-paragraph (3).

(3)

In section 1297 of CTA 2009 (basic life assurance and general annuity business) omit subsections (2) and (3).

Annotations

I1: Sch. 5 para. 3 not in force at Royal Assent, see Sch. 5 para. 4
I2: Sch. 5 para. 3 in force at 1.1.2023 with effect in relation to accounting periods of companies beginning on or after 1.1.2023 by S.I. 2022/1164, reg. 2(1) (with reg. 2(2))