Section 1161 | Relief in respect of I minus E basis: ... expenses payable

(1)A company is entitled to relief for an accounting period if conditions A, B and C are met.

(2)Condition A is that a major interest in land in the United Kingdom is a management asset of the company.^F1

(3)Condition B is that—^F2

(a)in the case of land in a contaminated state, the land was in a contaminated state at the time of the acquisition by the company of a major interest in the land, and^F2

(b)in the case of land in a derelict state, the land was in a derelict state throughout the period beginning with the earlier of—^F2

(i)1 April 1998, and^F2

(ii)the date on which a major interest in the land was first acquired by the company or a person who was connected with the company.^F2

(3A)The Treasury may by order—^F2

(a)specify circumstances in which the condition in paragraph (a) of subsection (3) need not be met, or^F2

(b)replace the date for the time being specified in paragraph (b)(i) of that subsection with a later date.^F2

(3B)An order under subsection (3A) may contain incidental, supplemental, consequential and transitional provision and savings.^F2

(4)Condition C is that the company incurs qualifying land remediation expenditure in the accounting period in respect of the land ....^F3F4

(5)Repealed^F5

(6)The relief is that the company may treat ... the qualifying Chapter 4 expenditure as expenses payable which fall to be brought into account for the accounting period at Step 1 in section 76 of FA 2012 (deduction for expenses payable).^F6F7

(7)For the purposes of this section land is a management asset of a company if it is—

(a)an asset provided for use or used for the management of basic life assurance and general annuity business carried on by the company, or^F8

(b)an asset in respect of which expenditure is being incurred with a view to such use by the company.