# Finance Act 2022, Paragraph 3

Extent: E+W+S+N.I.

(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).

---
Source: https://www.legislation.gov.uk/ukpga/2022/3/schedule/5/paragraph/3 (the official version)
Page: https://openlegislation.uk/finance-act-2022/schedule-5/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.