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1219(1)  In calculating the corporation tax to which a company with investment business is liable for an accounting period, expenses of management of the company's investment business which are referable to that period are allowed as a deduction from the company's total profits.

1219(1A)  A deduction under subsection (1) is to be made before any other deduction at Step 2 in section 4(2) of CTA 2010 (deductions from total profits).

1219(2)  For the purposes of this section expenses of management are expenses of management of a company's investment business so far as–

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