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HMRC internal manual

General Insurance Manual

Taxation of general insurance: annual accounting: capital allowances

If a general insurance company incurs capital expenditure on the provision of plant and machinery, either chattels or fixtures in a building, for use in managing its business, it can claim capital allowances in the same way as any other trader. But expenditure on plant and machinery in buildings held by it as assets backing its insurance business cannot be relieved under the capital allowances code, as it does not fall to be treated as capital expenditure (CAA01/S4 (2)(a)).