Commentary

D7.478 General principles

Corporate tax
Corporate tax | Commentary

D7.478 General principles

Corporate tax | Commentary

Capital allowances

D7.478 General principles

The rules in this division apply for accounting periods beginning on or after 1 January 2013. For accounting periods beginning before 1 January 2013 see Division D7.5.

A life insurance company may claim capital allowances in respect of two different classes of asset:

  1.  

    (a)     management assets, which are defined as those assets provided for use, or used, for the management of long-term business of the company1, and

  2.  

    (b)     investment assets which are defined by exception as those assets held by a life insurance company that are not management assets2

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