Saw another thread and I have the exakt same problem:
Bluetooth connect problems W8.1
"Having paired a Bluetooth device correctly- (showing in device manager as working properly), it immediately disconnected and I haven't been able to connect it since.
When the Bluetooth icon is clicked the is seen but listed as not connected. (The 'allow to connect' option is dimmed.)
In the settings menu, the 'Allow Bluetooth devices to connect to this computer' option is missing!
I have tried updating the drivers with no success.