14U.K.In section 755A of ICTA (treatment of chargeable profits and creditable tax apportioned to life assurance company), after subsection (11B) insert—
“(11BA)But where the BLAGAB profits for the relevant accounting period are nil, the relevant fraction—
(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 fraction 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.”