Point in time view as at 08/03/2017.
Finance Act 2008, Paragraph 14 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.
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.”
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