Capital Allowances Act 2001 section 270HH

Different giving effect rules for BLAGAB

Section 270HH sets out how structures and buildings allowances are given effect for companies carrying on basic life assurance and general annuity business (BLAGAB) that are taxed under the I-E basis.

• Applies to companies carrying on basic life assurance and general annuity business (BLAGAB)
• The company must be charged to tax under the I-E rules for that business
• Structures and buildings allowances are not given effect in the normal way for these companies
• Instead, the allowance is treated as a deemed BLAGAB management expense for the relevant chargeable period