Section 255 | Apportionment of allowances and charges ^F1

(1)This section applies if the long-term business of the company consists of—^F1

(a)basic life assurance and general annuity business, and^F1

(b)non-BLAGAB long-term business.^F1

(2)In that case—^F1

(a)any allowance to which the company is entitled for a chargeable period in respect of a management asset, and^F1

(b)any charge to which it is liable for a chargeable period in respect of a management asset,^F1

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