Section 1233 | Excess capital allowances

(1)This section applies if a company with investment business is entitled to allowances by virtue of section 15(1)(g) or 270CA(f) of CAA 2001 (qualifying activities include managing investments).

(2)So far as effect cannot be given to the allowances under section 253(2) or 270HE(2) (as the case may be) of CAA 2001, the allowances are treated for the purposes of Chapter 2—

(a)as expenses of management, and

(b)as referable to the accounting period for which the company is entitled to the allowances.