Point in time view as at 08/03/2017.
Finance Act 2008, Paragraph 13 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
13U.K.In section 210A of TCGA 1992 (ring fencing of losses), after subsection (10) insert—
“(10A)But where the BLAGAB profits for an accounting period are nil, the policy holders' share of the chargeable gains or allowable losses accruing in the accounting period—
(a)if there are Case I profits of the accounting period in respect of its life assurance business, is nil, and
(b)otherwise, is such proportion of the chargeable gains or allowable losses as is just and reasonable;
and for this purpose there are Case I profits if there are profits computed in accordance with the provisions applicable to Case I of Schedule D after making adjustments in respect of losses in accordance with section 85A(4) of the Finance Act 1989.”
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