Valid from 01/05/1995
10AIn section 439B the following subsection shall be treated as inserted after subsection (7) of that section—
”(7A)In ascertaining whether or to what extent the company has incurred a loss on its life reinsurance business, UK distribution income of an overseas life insurance company shall be taken into account (notwithstanding anything in paragraph (a), (aa) or (ab) of section 11(2)) as part of the profits of that business.”.