PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES
CHAPTER I INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS
F1Miscellaneous provisions relating to life assurance business
F2C1436AGross roll-up business: separate charge on profits
F51
The charge to corporation tax on income applies to profits arising to an insurance company from gross roll-up business.
2
For that purpose—
a
the gross roll-up business is to be treated separately, and
b
the profits from it are to be computed in accordance with the F6life assurance trade profits provisions.
3
4
If in any accounting period an insurance company incurs a loss, to be computed on the same basis as the profits, arising from its gross roll-up business—
a
the loss must be set off against the amount of any profits chargeable under this section for any subsequent accounting period, and
b
accordingly, the amount of the company's profits so charged in any such accounting period is to be treated as reduced by the amount of the loss or so much of that amount as cannot be relieved under this section against profits of an earlier accounting period.
5
F8Section 91 of CTA 2010 does not apply to a loss incurred by an insurance company on its gross roll-up business.
6
7
This section does not apply in relation to an insurance company for an accounting period if the profits of its long-term business for the accounting period are charged to tax under F7section 35 of CTA 2009 (charge on trade profits).
Cross-heading before s. 434 inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 51(4) (with Sch. 8 para. 55(2))