Related Commentary  Related HMRC Manuals

255(1)  This section applies if the long-term business of the company consists of–

(a)basic life assurance and general annuity business, and

(b)non-BLAGAB long-term business.

255(2)  In that case–

(a)any allowance to which the company is entitled for a chargeable period in respect of a management asset, and

(b)any charge to which it is liable for a chargeable period in respect of a management asset,

must be apportioned between the businesses in accordance with Chapter 7 of Part 2 of FA 2012.

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