{
  "url": "https://openlegislation.uk/finance-act-2022/schedule-5/paragraph-3",
  "json_url": "https://openlegislation.uk/finance-act-2022/schedule-5/paragraph-3.json",
  "legislation": "ukpga/2022/3",
  "legislation_title": "Finance Act 2022",
  "legislation_url": "https://openlegislation.uk/finance-act-2022",
  "path": "schedule/5/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": null,
  "text": "(1) In consequence of the amendment made by paragraph 2 the following amendments are made.\n(2) In FA 2012—\n(a) in section 76 (meaning of “adjusted BLAGAB management expenses”)—\n(i) omit Step 2;\n(ii) in Step 4 omit “(adjusted, where relevant, in accordance with step 2)”;\n(b) in section 77 (meaning of “ordinary BLAGAB management expenses” etc)—\n(i) in subsection (2), in paragraph (a) omit “(but see subsection (3))”;\n(ii) omit subsection (3) (acquisition expenses falling to be debited in successive accounting periods);\n(c) in section 78—\n(i) in subsection (3) (meaning of “deemed BLAGAB management expense for the accounting period”) omit “section 79 or”;\n(ii) in subsection (4) (meaning of “expenses reversed in the accounting period”), in paragraph (a) omit the words in brackets;\n(d) omit section 80 (section 79: meaning of “acquisition expenses”);\n(e) in section 81 (amounts treated as ordinary BLAGAB management expenses) omit subsection (5);\n(f) in section 82(2) (restrictions in relation to ordinary BLAGAB management expenses) omit the words from “; but” to the end;\n(g) in section 108(3) (meaning of a “BLAGAB matter”) omit paragraph (b);\n(h) in section 128 (relief for transferee in respect of transferor’s BLAGAB expenses)—\n(i) in the heading, after “transferor’s” insert “excess”;\n(ii) omit subsections (2) to (4);\n(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).\n(3) In section 1297 of CTA 2009 (basic life assurance and general annuity business) omit subsections (2) and (3).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 5 para. 3 not in force at Royal Assent, see Sch. 5 para. 4"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "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))"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2022/3/schedule/5/paragraph/3",
    "retrieved_at": "2026-10-29T08:57:50.927298+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}