22(1)This paragraph applies where the qualifying activity is [F1basic life assurance and general annuity business] and the profits of that business are charged to tax [F1in accordance with the I - E rules].U.K.
[F2(2)For the purposes of those rules, the total amount which may—
(a)be carried forward under section 73 of FA 2012 from a chargeable period in which the company claims a first-year tax credit, and
(b)be brought into account for the next chargeable period in accordance with step 5 in section 76 of FA 2012,
is treated as reduced by the amount of the loss surrendered.]
Textual Amendments
F1Words in Sch. A1 para. 22(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(7)(a)
F2Sch. A1 para. 22(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(7)(b)