Corporation Tax Act 2009 section 1162

Additional relief

Section 1162 provides an additional tax relief for insurance companies that are already entitled to land remediation relief under section 1161, allowing them to treat a portion of their qualifying expenditure as deemed management expenses.

• A company entitled to relief under section 1161 for an accounting period can also claim additional relief under this section for the same period
• The company must make a claim to obtain the additional relief
• The relief allows the company to treat 50% of its qualifying Chapter 4 expenditure as deemed BLAGAB management expenses for the accounting period
• Qualifying Chapter 4 expenditure is the company's qualifying land remediation expenditure, reduced by any amount not attributable to basic life assurance and general annuity business (BLAGAB)