485. Capital allowances.

Managing the investments of a company with investment business1 is a qualifying activity for the purposes of plant and machinery allowances2.

If the qualifying activity is managing the investments of a company with investment business, such an allowance is, as far as possible, to be given effect by deducting the amount of the allowance from any income for the period of the business, and the statutory provision relating to the addition of allowances to the company's expenses of management