80(1)A loss incurred by an insurance company in a pre-commencement period may not be set off against profits of the company chargeable under section 436A of ICTA in a post-commencement period, except in accordance with this Part of this Schedule.U.K.
(2)In this Part of this Schedule—
“the commencement period”, in relation to an insurance company, means the first period of account of the company to begin on or after 1st January 2007,
“pre-commencement period”, in relation to an insurance company, means a period of account of the company beginning before 1st January 2007, and
“post-commencement period”, in relation to an insurance company, means a period of account of the company beginning on or after 1st January 2007.
(3)Expressions which are—
(a)used in this Part of this Schedule in relation to a period of account, and
(b)used in Chapter 1 of Part 12 of ICTA,
have the same meaning in this Part of this Schedule in relation to that accounting period as they have in that Chapter (as that Chapter has effect in relation to that period of account).